Cordray, chief of consumer protection bureau, resigns

WASHINGTON — Richard Cordray on Friday tendered his resignation as chief of the Consumer Financial Protection Bureau with a hint his career in public service isn’t over.

Cordray, a former Ohio attorney general and a Democrat, announced last week he would end his five-year term early amid mounting pressure to announce a run for Ohio governor next year.

Cordray’s cordial resignation letter to President Donald Trump touted the agency’s successes as a consumer watchdog and ended with a nod toward his post-bureau future.

“I am grateful to have been able to serve my country in this capacity, and in departing I now look forward to finding further ways to continue to advocate for those who are facing economic anxiety and uncertainty in their lives,” Cordray wrote.

Federal ethics rules prevented Cordray from campaigning for governor or other political office while heading the bureau. Republicans had feared Cordray would have benefited politically if fired by Trump.

Cordray was the first director of the bureau, which was established through the Dodd-Frank legislation in 2010. The bureau is funded through the Federal Reserve and is not beholden to Congress or a board of governors for strict oversight.

Republicans said the position held too much power and criticized the agency’s moves to clamp down on the lending and business practices of banks, used car lenders and payday lenders. To Democrats, Cordray was a consumer champion and foe of predatory business practices.

Cordray promoted Leandra English, the bureau’s chief of staff, to deputy director and she will serve as interim director until Congress confirms a Trump appointee.