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NEW President to nominate Richard Cordray as CFPB director

WASHINGTON (7/18/11)--President Obama on Sunday announced his intent to nominate former Ohio attorney general Richard Cordray to head the Consumer Financial Protection Bureau.

Cordray has been serving as the CFPB's assistant director for enforcement. In choosing Cordray to be the CFPB director, President Obama opted not to nominate the CFPB's architect, Elizabeth Warren, who has been serving as special advisor to the US Treasury secreatry and assistant to the president.

A number of key Republicans had opposed Warren for the CFPB position, raising doubts about the ability of her nominaton to clear the US Senate. Cordray's nomination also will require Senate confirmation and is not assured. Some in Congress are callling for structural changes to the CFPB before agreeing to confirm a director.

In a statement issued yesterday, Warren said she was "very pleased for the CFPB" with the President's choice of Cordray. "Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director."

Created by the Dodd-Frank financial reform law, the CFPB is scheduled to become operational later this week, on July 21.



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