Jeb Hensarling

Richard Cordray is resigning as Consumer Financial Protection Bureau chief

Richard Cordray is resigning as Consumer Financial Protection Bureau chief

The nation’s top consumer financial watchdog will step down this month, sparking concern from advocacy groups — and relief from financial firms — that the federal agency he has led since 2012 will soon be much friendlier to the industry it polices.

Richard Cordray announced his impending resignation Wednesday to the staff of the Consumer Financial Protection Bureau, which was established by the 2010 Dodd-Frank Wall Street reform act after the financial crisis.

He was appointed by President Obama as the first director of the bureau and his term was not set to expire until July. Now, President Trump will get to nominate a replacement to head the bureau, fiercely criticized by...

58°