Wednesday, April 7, 2010 as of 11:14 AM ET
Richard Cordray (born May 3, 1959) is an American politician, who is serving as the Director of the United States Consumer Financial Protection Bureau, which officially began operating in July 2011. Before that he was Attorney General of Ohio.
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WASHINGTON -- President Obama will introduce former Ohio Attorney General Richard Cordray on Monday as his nominee to head a new consumer financial protection bureau that was a central feature of a law that overhauled banking regulations.
Obama plans to announce the nomination at a White House event. In choosing Cordray, Obama bypassed Elizabeth Warren, a favorite of consumer groups, who has been assembling the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner. The agency will officially begin its oversight and regulatory work on July 21. Its role is to be a government watchdog over mortgages, credit cards and other forms of lending. "Richard Cordray has spent his career advocating for middle-class families, from his tenure as Ohio's attorney general, to his most recent role as heading up the enforcement division at the CFPB and looking out for ordinary people in our financial system," Obama said in a statement. Cordray will have to be confirmed ...It's been a year since the government approved the most sweeping overhaul of financial regulatory laws dating back to the Great Depression .The Federal Reserve, the ...
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