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Richard Cordray is leaving the Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Director Richard Cordray. Photo: Brennan Linsley / AP

Richard Cordray, the Obama-appointed director of the Consumer Financial Protection Bureau (CFPB), said in an email to employees Wednesday that he will step down at the end of the month. The move comes amid speculation that he plans to run on the Democratic ticket for governor of Ohio.

Why it matters: Congressional Republicans have targeted Cordray since he took over the bureau. Now President Trump will have the freedom to appoint a conservative director to take his spot.