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Cordray resigns from U.S. consumer agency, triggers political showdown

Richard Cordray, the director of the U.S. Consumer Financial Protection Bureau, formally resigned on Friday and named a deputy director as his replacement, setting the stage for a political and legal battle over the regulator’s leadership.

Democrat lawmakers are eager to preserve the regulator for as long as possible while Republicans want to put in place new leadership to chart a drastically different course.

The six-year-old bureau has policed consumer financial markets, drafting aggressive rules curbing products like payday loans, while issuing multimillion dollar fines against large financial institutions like Wells Fargo.

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