Richard Cordray expected to lead Consumer Financial Protection Bureau

18 Jul 2011, by Benjamin Luftman in Consumer Law, News

President Obama will announce today that Richard Cordray will be his choice over Elizabeth Warren to lead the new Consumer Financial Protection Bureau (CFPB).

Obama said in a statement “Richard Cordray has spent his career advocating for middle class families… and looking out for ordinary people in our financial system.” As Ohio’s Attorney General, Cordray made a strong impression as he fought mortgage lenders and servicing companies to protect the homeowners. Elizabeth Warren hand-picked Cordray to serve as the CFPB’s director of enforcement as he has always been a strong supporter of Warren while she stood up to Wall Street and created the Bureau.

The mission of this new government agency is to help American families make smart financial decisions and ultimately help eliminate the economic hardships that many people are facing every day.