Update  – November 17, 2017: Informed sources close to Capitol Hill and the Administration say that Mick Mulvaney may be named to serve as interim director of the CFPB as early as today.

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), said he will step down before the end of the month.

He announced the resignation in an email to employees.

“As I have said many times, but feel just as much today as I ever have, it has been a joy of my life to have the opportunity to serve our country as the first director of the Consumer Bureau by working alongside all of you here,” he wrote.

His departure has been rumored for months as he has been considered a potential Democratic candidate for Ohio’s governorship. Many expected President Donald Trump to fire Cordray, though that has not occurred.

LSCU will continue to follow this breaking story and provide you with more information as it becomes available. If you have any questions, please contact Jared Ross, senior vice president, Association Services & Governmental Affairs.