Consumer Financial Protection Bureau (CFPB) director Richard Cordray announced Wednesday that he would step down at the end of the month. His resignation marks the end of a near six-year as tenure as the head of the controversial agency created in the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

American Action Forum tracked regulatory action at CFPB under his leadership. Including his time as a recess appointee, the agency issued 13 final rules with estimated burdens that accounted for:

• $3 billion in total costs
• $634 million in annualized costs
• 21 million hours of paperwork

The costliest of these rules is the Integrated Mortgage Disclosures rule finalized in 2013 that accounted for nearly half of total costs at $1.4 billion. Coming in a close second is a 2015 Home Mortgage Disclosure rule at $1.3 billion. Third is the controversial arbitration rule that added $380 million in costs.

 The arbitration rule is notable because on November 1 it became the 15^th regulation negated by the Congressional Review Act in 2017, and the 16^th overall under that process. The passage of this resolution illustrated the intense opposition among Republicans to CFPB’s direction under Cordray.

His resignation allows President Trump to appoint a new director that more closely aligns with his – and Congressional Republicans’ – view of the agency’s role. The prospect of a Trump-appointed director may also make Democrats more likely to consider reforms that give Congress more oversight over CFPB.