Former Ohio Attorney General Richard Cordray, who garnered national attention for his efforts to hold financial institutions accountable for their heavy involvement in helping to create the Great Recession, is unlikely to be received warmly by financial industry heavyweights as he assumes leadership of the Consumer Financial Protection Bureau.
In a recent profile, The Washington Post reports that Cordray, an ACS participant, is already raising concerns from the “representatives of the banking industry.”
But consumer advocates and colleagues, the newspaper notes, are praising his work, and appointment to lead the federal financial watchdog group. (Last fall, The New York Times profiled Cordray’s legal action, as Ohio Attorney General, to hold companies like GMAC Mortgage accountable for allegedly filing false affidavits in scores of foreclosure proceedings.)
The Post reports, “When the bureau officially opens this summer, Cordray will head a federal team with wide authority to write and enforce rules that will govern many of the firms that he butted heads with as a state official.”
Cordray says his new role offers “a possibility to continue to do some of the most important work I felt I was doing as a state attorney general,” and “on a better footing, from a better foundation, with better tools, better authority and on a 50-state basis.”
Illinois Attorney General Lisa Madigan lauded Cordray’s abilities, telling The Post, “He understands the financial, the economic, the fiscal things, as well as the law enforcement side of it. … To me, that’s the type of person you want in the position.”
At the 2010 ACS National Convention, Cordray participated in a panel discussion on government regulation. Video of the discussion, “Regulation in the Age of Obama,” is available here.