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Washington
Obama announces Cordray as CFPB nominee
WASHINGTON (7/19/11)--President Barack Obama on Monday announced Richard Cordray as his nominee to serve as Consumer Financial Protection Bureau (CFPB) director, adding that he looked forward to working with the new agency. Cordray has been serving as the CFPB's assistant director for enforcement, and has also served as the attorney general of Ohio and that state’s treasurer. Ohio Credit Union League representatives told News Now that the league worked closely with Cordray at the county and state levels as he developed a financial literacy campaign and encouraged younger Ohioans to plan for their financial futures through the “small savers” campaign. Obama said that CFPB architect Elizabeth Warren recommended Cordray for the post. Warren herself in a Monday statement said that Cordray “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” and will be “a strong leader” for the CFPB. A number of key Republicans had opposed Warren for the CFPB position, raising doubts about the ability of her nomination to clear the US Senate. Cordray's nomination also will require Senate confirmation and is not assured. Some in Congress are calling for structural changes to the CFPB before agreeing to confirm a director. Created by the Dodd-Frank financial reform law, the CFPB is scheduled to become operational on Thursday. The new agency will take on oversight of the Equal Credit Opportunity Act and the Fair Credit Reporting Act, as well as regulations addressing electronic fund transfers, mortgage originator registration, and mortgage assistance relief services, on that date. The CFPB is taking over authority of these and other rules from the National Credit Union Administration, the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Trade Commission, and the U.S. Department of Housing and Urban Development. The agency also plans to release separate reports on remittances and credit scores on Thursday. The remittance report, according to the agency, will focus on ways to improve transparency and disclosures and on consumer remittance history. The credit score report will focus on differences between the credit scores that are provided to individual consumers for informational purposes and the credit scores that financial institutions use to determine eligibility for loans and other financial products. The Credit Union National Association was updated on the CFPB's progress during a Monday conference call, and a release detailing the CFPB’s work over the past year has also been published. For that release, use the resource link.
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