Attorney General Becerra Issues Statement on CFPB Director Richard Cordray

SACRAMENTO – California Attorney General Xavier Becerra issued the following statement on the news that Richard Cordray has decided to step down from his position as Director of the Consumer Financial Protection Bureau (CFPB):

“Richard Cordray will be sorely missed at the CFPB. Over his long career in public service, he has been committed to protecting consumers. From his time as Ohio’s Attorney General to his time as Ohio’s Treasurer, he has held Wall Street accountable and stood up for Main Street – the same sense of purpose he brought to the CFPB.

“Californians are grateful for Director Cordray’s impressive achievements on our behalf. He led the CFPB during a critical period, during which it set new standards for protecting mortgage borrowers, brought landmark actions against big banks and other financial institutions, and proposed critical reforms concerning payday lending, mandatory arbitration, and bank overdraft fees.

“California will carry the torch and build on Director Cordray’s good work to protect and empower consumers. I wish Director Cordray the very best.”