Wednesday Richard Cordray announced he will resign at the end of the month as the director of the Consumer Financial Protection Bureau (CFPB), causing speculation about the future of the bureau, according to Inman Select.
President Trump has not announced any changes for the CFPB or a replacement for Cordray.
The CFPB was created in 2010 following the country’s financial crisis in 2007-08. Cordray was appointed director by President Barack Obama in 2011. However, since its inception, the bureau has had critics who didn’t like its structure or its power and the changes it brought to the mortgage loan and the auto loan processes. The Washington Post noted that conservatives and the Trump administration would like to reduce the amount of financial regulation in Washington.
In 2015, the CFPB implemented the TILA-RESPA Integrated Disclosure Rule (TRID) with the aim to make the mortgage process easier for consumers to understand. Despite some confusion about TRID following its implementation, the CFPB updated its rules in July 2017 to make it easier for agents and brokers to access the Closing Disclosure.