Rutledge Statement on News of Richard Cordray’s Resignation as Director of the CFPB
November 15, 2017
LITTLE ROCK – Arkansas Attorney General Leslie Rutledge today released a statement following news reports that Richard Cordray, director of the Consumer Financial Protection Bureau, will resign at the end of the month.
“The resignation of Richard Cordray from the CFPB is long overdue,” said Attorney General Rutledge. “Director Cordray, an unelected and unaccountable bureaucrat, has led a vast and growing agency in imposing sweeping regulations with a blatant disregard for the rule of law. These overregulations have made it more difficult for Arkansas job creators and families by leaving them without options or capital. Bankers cannot bank. Lenders cannot lend. Borrowers cannot borrow. Not only is the CFPB structurally unconstitutional, but Americans expect accountability and for years Mr. Cordray has ignored attempts to reign in his agency.
“The Director’s resignation presents a tremendous opportunity for the President to appoint an individual who will implement much-needed reform. As Arkansas’s chief consumer advocate, I look forward to President Trump appointing a director who will also lead the agency to protect consumers from fraud while doing so within the confines of the law and guaranteeing access to a free and fair marketplace.”