Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.



RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
6 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
10 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
12 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
12 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
12 hours ago