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Auto Finance’s Chief Regulator, Richard Cordray, to Step Down

Richard Cordray is stepping down as director of the Consumer Financial Protection Bureau at the end of November, he announced in a letter to employees Wednesday morning.

He served as the inaugural director for the regulatory agency, which was formed in the wake of the financial crisis. He reiterated the work the CFPB has done so far to recover $12 billion in relief for nearly 30 million consumers — including fines to auto lenders.

“I have tried to reinforce this year that the [CFPB] is far more than its director,” Cordray wrote to his employees. “I am confident that you will continue to move forward, nurture this institution we have built together, and maintain its essential value to the American public. And I trust that new leadership will see that value also and work to preserve it — perhaps in different ways than before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and our country.”

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