Last week, President Obama nominated Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB).
It is disappointing that the president didn’t pick Elizabeth Warren.
But it is heartening that Elizabeth Warren picked Richard Cordray.
As Warren was assembling the new agency, she chose Cordray, a former Ohio State Attorney General, to run the agency’s enforcement division. She did so because of his history of standing up for consumers and winning against Wall Street and big banks that tried to rip off their customers.
Here’s what Elizabeth Warren said when she heard Cordray was nominated to lead the bureau:
“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. I am very pleased for Rich and very pleased for the CFPB.”
But 44 Republican senators have pledged to oppose ANY director unless the bureau is weakened first.
As Ohio’s Attorney General, Cordray aggressively stood up to banks engaging in deceptive practices and rampant foreclosures, and ultimately saved residents of that state more than $2 billion.
Make sure your senators — especially if you have a Republican senator — know that you support Richard Cordray and a strong Consumer Financial Protection Bureau.