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The head of US financial consumer protection resigns

The director of the Office of Consumer Financial Protection (CFPB), Richard Cordray, will step down at the end of the month, after six years leading an agency created after the acute crisis 2008-2010 and that has been widely criticized by US President Donald Trump, as announced today.

Washington, Nov 15 (EFE) .- The director of the Office of Consumer Financial Protection (CFPB), Richard Cordray, will leave office at the end of the month, after six years leading an agency created after the acute crisis of 2008-2010 and has been widely criticized by US President Donald Trump, announced today.

"Together, we have made a real and lasting difference that has improved the lives of the people, "he said in the email sent to the employees of the CFPB in which he reported his departure by the end of the month.

Cordray, who acceded to the position in 2012, whose mandate ended in July 2018, he did not explain the reasons for his departure.

"I hope that the new leadership will also see that value and work to preserve it, perhaps in a different from those of before, but wishing, as I have, to serve in a way that benefits and strengthens our economy and community, "he added.

As a result, Cordray leaves the door open to Trump remodeling the agency created in 2011 by the then president of the United States, Barack Obama, to increase the supervision of financial institutions in mortgages and cards of credits, among other financial products, and to protect consumers after the abuses prior to the outbreak of the crisis.

The CFPB has been accused by Trump and the Republicans in the Congress to have an excessive power and to restrain the financial sector with a large regulatory burden.

Precisely at the end of October, the United States Senate passed a law that prevents consumers from jointly demanding their banks or credit card companies, which dismantled one of the regulations applied by the office headed by Cordray.

The Republicans valued his exit, while the Democrats lamented his departure and warned about his possible successor, since, according to the leader of the Democratic minority in the Senate, Chuck Schumer, the Trump government has "a problematic pattern of naming people who despise federal agencies to run them."

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