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CFPB Director Richard Cordray announced in an email to CFPB staff Wednesday that he plans to step down from his post before the end of the month. NAFCU President and CEO Dan Berger thanked Cordray for his service and encouraged future leadership to consider the unique and positive role credit unions play in the financial marketplace when creating new regulations.

"NAFCU appreciates CFPB Director Richard Cordray's willingness to meet with credit unions and hear their concerns about the impact of the CFPB's rules," said Berger. "We continue to believe that credit unions should never have been lumped into the same regulatory bucket as the big banks and look forward to continuing to work with new leadership to address credit union issues."

"Credit unions support and believe in consumer protection, and did not engage in the abuses that led to the creation of the CFPB. Nonetheless, they have been unfairly swept into the tidal wave of new regulations that have come out of the Bureau," Berger added.

NAFCU was the only financial services trade to oppose any CFPB authority over credit unions.

Cordray, previously Ohio's attorney general, first joined the CFPB as its assistant director of enforcement and was named director in a recess appointment in 2012 and won confirmation in 2013 to a five-year term.

The White House said an acting director will be named to replace Cordray.