According to press reports, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has announced that he will step down from his position by the end of the month. Cordray’s resignation provides President Trump with yet another opportunity to select a new regulator in the banking and financial services sector.

It is not clear who will replace Cordray, even on an acting basis. David Silberman, associate director for research, markets, and regulations, has also served as acting deputy director since January 2016. Under the Dodd-Frank Act, the Deputy Director is authorized to serve as “acting Director in the absence or unavailability of the Director.” This statutory language does not appear to provide that the Deputy Director would become Acting Director upon the Director’s resignation. President Trump appointed an acting comptroller when former Comptroller of the Currency Thomas Curry resigned his position earlier this year. We expect that Trump will select an acting director for the CFPB as well, and that this announcement will be made in short order.

We will provide additional updates as further developments occur.