Consumer watchdog chief Cordray resigns; he and Trump both name successors
Richard Cordray
Typically an acting director position would be filled according to the Federal Vacancies Reform Act of 1998. But  Richard Cordray   along with  his  resignation  elevated Leandra English  who was the agency's chief of staff  into the deputy director position.
The person nominated to be director of the CFPB requires confirmation by the Senate  and it could be many weeks or months before the person would be able to step into the role permanently.  Cordray 's move was aimed at allowing  his  favored successor to keep running the agency for as long as possible before a Trump appointee is confirmed by the Senate.
 Cordray  had announced earlier this month that  he  would resign by the end of this month. There is wide speculation that  Cordray   a Democrat  is resigning in order to run for governor in his home state of Ohio.
 Cordray  used that mandate aggressively as  its  first director  which often made  him  a target for the banking industry's Washington lobbyists and Congressional Republicans who believed  Cordray  was overreaching in  his  role  calling the CFPB a "rogue agency."
As director   he  also was able to extract billions of dollars in settlements from banks  debt collectors and other financial services companies for wrongdoing. When Wells Fargo was found to have opened millions of phony accounts for its customers  the CFPB fined the bank $100 million  the agency's largest penalty to date.
Typically an acting director position would be filled according to the Federal Vacancies Reform Act of 1998. But  [TGT]   along with  [TGT]  resignation  elevated Leandra English  who was the agency's chief of staff  into the deputy director position.
The person nominated to be director of the CFPB requires confirmation by the Senate  and it could be many weeks or months before the person would be able to step into the role permanently.  [TGT] 's move was aimed at allowing  [TGT]  favored successor to keep running the agency for as long as possible before a Trump appointee is confirmed by the Senate.
 [TGT]had announced earlier this month that  [TGT]  would resign by the end of this month. There is wide speculation that  Cordray   a Democrat  is resigning in order to run for governor in his home state of Ohio.
 [TGT]  used that mandate aggressively as  [TGT]  first director  which often made  [TGT]  a target for the banking industry's Washington lobbyists and Congressional Republicans who believed  [TGT]was overreaching in  [TGT]  role  calling the CFPB a "rogue agency."
As director   he  also was able to extract billions of dollars in settlements from banks  debt collectors and other financial services companies for wrongdoing. When Wells Fargo was found to have opened millions of phony accounts for its customers  the CFPB fined the bank $100 million  the agency's largest penalty to date.