Consumer agency director resigns, names acting successor

Consumer agency director resigns, names acting successor
Posted at 3:19 PM, Nov 24, 2017
and last updated 2017-11-24 17:19:42-05

NEW YORK (AP) — Richard Cordray, the first director of the Consumer Financial Protection Bureau, is tendering his resignation effective Friday.

Cordray had announced earlier this month that he would resign by the end of this month. There is wide speculation that Cordray is resigning in order to run for governor of Ohio, his home state.

In his resignation, Cordray effectively announced his acting replacement, Leandra English, who had previously been the CFPB's chief of staff. With Cordray's resignation, English would become acting director. By naming English as deputy director, Cordray, an Obama appointee, sets up a fight with the Trump White House, who wanted to assign its own acting director of the CFPB.

The CFPB was created after the 2008 financial crisis as a watchdog for banks and other financial companies.