Washington, D.C. (November 15, 2017) Congressman Steve Pearce released the following statement after Director Richard Cordray announced he will step down as head of the Consumer Financial Protection Bureau (CFPB) by the end of the month:

"The CFPB has enacted countless rules that hurt rural communities in New Mexico more than any other. Rather than provide true protections, as originally intended to do, the CFPB has worked in its own interest without any accountability and transparency. It is beyond time for new leadership to take over this agency to prevent greater burdens from falling on the backs of American taxpayers. I will continue my work expanding access to financial products in rural New Mexico communities, and look forward to working with the next CFPB Director to put financial freedom and choice back in the hands of the consumers where it belongs."

In June 2017, the U.S. House of Representatives passed the Financial Choice Act to repeal the Dodd-Frank Act, which created the CFPB. Rep. Pearce has supported multiple efforts in the House to provide financial relief to consumers in New Mexico, including the repeal of CFPB"s Arbitration Rule that harmed small, rural banks.