Credit unions and the Consumer Financial Protection Bureau share a similar philosophy, but their methods often clashed during Cordray's tenure. Here's a look at reactions to his departure and speculation on how he might be remembered.
The regulatory relief bill would raise the SIFI threshold to $250 billion of assets and allow mortgages held in portfolio to be counted as "qualified," among other items, but it is far less sweeping than institutions had hoped.
Discussions on a regulatory relief package between the top Democrat and Republican on the Senate Banking Committee broke down late Tuesday, but members from both parties remain hopeful they can reach a bipartisan deal.
Lawmakers like Sen. Tim Scott may feel differently about some elements in a Senate regulatory relief bill depending on whether CFPB Director Cordray is remaining in office until his term expires in July.
House lawmakers including Jeb Hensarling are preparing to move on a series of targeted regulatory relief bills in an effort to give Senate Banking Committee Chairman Mike Crapo, R-Idaho, more leeway when he tries to craft a relief measure.