CHICAGO, IL – Woodstock Institute, a leading advocate for consumers on financial reform, released the following statement today on Richard Cordray’s decision to step down as Director of the Consumer Financial Protection Bureau (CFPB) later this month.

Woodstock Institute’s Senior Vice President of Policy Brent Adams’ statement:

“Director Richard Cordray, the CFPB’s first director, has worked tirelessly to protect consumers.  Under his leadership, the CFPB has recovered more than $12 billion for nearly 30 million consumers.  Woodstock Institute thanks him for his years of fine work developing safeguards for consumers,” said Brent Adams, Senior Vice President of Policy at Woodstock and former Secretary of Financial and Professional Regulation for the State of Illinois.

Adams continued, “It is telling that the payday lenders are already cheering his departure.  Woodstock and our allies will not stand by quietly if the President appoints another industry hack who tries to undo years of progress.  We will resist.”