WASHINGTON, D.C. – Attorney General Karl A. Racine today released the below statement in response to the announcement by Consumer Financial Protection Bureau (CFPB) Director Richard Cordray that he planned to step down from his position, which he has held since shortly after the CFPB began operations in 2011.

“Rich Cordray has been a true champion for District consumers, working people, and vulnerable residents across the United States,” Attorney General Racine said. “Under his leadership, the CFPB has been a key partner to our office and other state attorneys general in protecting consumers from abuses by banks, payday lenders, debt collectors, and other financial-services companies. With more than $11 billion in recoveries and relief for consumers and more than $440 million ordered to be paid in fines and penalties thanks to CFPB’s enforcement work, Director Cordray’s leadership and results speak for themselves. I urge President Trump to nominate a successor to Director Cordray who has demonstrated a record of advocacy for everyday consumers.”