In an email to staff this afternoon, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced that he will step down from his position at the end of the month. Heritage financial regulations expert Norbert Michel had the following to say about the urgent need for reforms at the CFPB.
"Mr. Cordray’s forthcoming resignation is a critical opportunity for Congress to begin reining in the Consumer Financial Protection Bureau. The organizational structure of the bureau has led to a rogue agency that repeatedly oversteps its designated powers and is insulated from accountability by the American people and their elected representatives. Undertaking serious reforms at the bureau should be the priority of the next director, but ridding us of this rogue agency should be the ultimate goal.”