Merkley Statement on the Resignation of CFPB Director Richard Cordray

Washington, D.C. — Oregon’s U.S. Senator Jeff Merkley, who previously served as the top Democrat on the Senate Banking Committee’s Financial Institutions and Consumer Protections Subcommittee, released the following statement on the resignation of Consumer Financial Protection Bureau (CFPB) Director Richard Cordray.

“Richard Cordray has led the CFPB in the effort to return fairness, accountability, and transparency to our financial system, bringing billions of dollars in relief to millions of Americans who were victims of predatory financial practices,” Merkley said. “We’ve paid a heavy price as a nation for our failures of oversight in the financial sector. With strong leadership, the CFPB has proven that it can be an extremely powerful force, leveling the playing field for consumers against financial predators. I thank Richard for excellent leadership in standing up for the agency in the face of relentless opposition by Republicans in Congress.

“Now the president must appoint a successor who will make sure that our financial system strengthens American families, rather than stripping them of their hard-earned wealth.”