CFPB’s Top Cop Picked to Lead Agency

Business Insider reports that President Obama has picked former Ohio Attorney General (AG) Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). He became AG in Ohio in 2009 when the previous officeholder had to step down, and garnered some national attention when he went after big banks for sloppy mortgage procedures. After losing his bid for AG in the Republican landslide last year, he was chosen by Elizabeth Warren to be head of enforcement at the CFPB. In response to Republican leaders call for a commission to head the agency instead of one person, Cordary responded that the agency needs to be nimble enough to move quickly without each decision being made by committee, yet maintaining transparency. After his initial appointment to CFPB, he said, “”There’s a belief here that Wall Street is a fixed casino and it’s back in business, and we’re left holding the bag. It’s important for us to show we’ll go after a company that does wrong.” The Senate must confirm his appointment to the five year position.  Sources had told MHMSM late last week that the field to lead CFPB had narrowed to Cordray, Jennifer Granholm – former Governor of Michigan and part of the Obama transition team and Raj Date.  Date was Chairman and Executive Director of the Cambridge Winter Center from its founding through September, 2010, before joining the U.S. Department of the Treasury.

(photo courtesy The Daily Beast)


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