Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has announced that he will resign as director effective November 30, some seven months shy of the end of his five-year term.

How this will affect CFPB enforcement, examination, and rule-making, how continuity of the directorship will be handled, and how it will impact pending litigation surrounding the director’s authority remains to be seen.

Morgan Lewis will monitor this important development and provide updates.