WASHINGTON, D.C. – Center for Responsible Lending President Mike Calhoun released the following statement today on Richard Cordray’s decision to step down as Director of the Consumer Financial Protection Bureau (CFPB) later this month:

Director Richard Cordray has proven to be a tireless and effective public servant. Under his watch, the CFPB has cracked down on the tricks and traps of payday lenders, credit cards companies, debt collectors, and bad actors in the industry from taking advantage of distressed Americans.

Through his effort, Director Cordray has worked to recover more than $12 billion to nearly 30 million consumers harmed by illegal practices of financial institutions. And through his leadership, the CFPB has been a vigilant enforcer of civil rights laws. The agency has fought against discriminatory practices in the financial marketplace, including bringing actions to enforce fair lending laws that protect consumers of color from being charged more for a mortgage, auto loan, or credit card.

The Center for Responsible Lending commends Richard Cordray for his years of public service and commitment to protecting Americans from financial predators.

For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Ricardo Quinto at ricado.quinto@responsiblelending.org.

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