Obama To Nominate Cordray For Consumer Job - Reuters

[WillyT]

Obama to nominate Cordray for consumer job
Reuters
Sun Jul 17, 2011 11:20am EDT

<snip>

(Reuters) - President Barack Obama on Monday will nominate former Ohio Attorney General Richard Cordray to head the new consumer financial watchdog agency, White House officials said.

The pick allows Obama to sidestep a heated battle for Senate confirmation he would have faced had he nominated Elizabeth Warren, who is credited with conceiving of the idea for the new consumer agency and championed its creation.

The Consumer Financial Protection Bureau will open its doors on July 21 and will regulate products like credit cards and mortgages.

Cordray's selection will be announced at a White House event on Monday.

<snip>

Link: http://www.reuters.com/article/2011/07/17/obama-consumer-cordray-idUSN1E76G03K20110717

:kick:

[mucifer]

1. This is good news. From the washington post:

Just months ago, Richard Cordray was Ohio’s attorney general. In that role, he sued some of the nation’s largest banks for their bungling of mortgage foreclosures, spoke of Wall Street as a “fixed casino” and became a leading advocate for the creation of the federal Consumer Financial Protection Bureau. snip

“He’s got a gold-plated resume and a wealth of experience. . . . He’s very reasonable, he’s very smart, he’s very fair,” said Illinois Attorney General Lisa Madigan. “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 that position.”

Representatives of the banking industry have reacted with far less enthusiasm, saying they fear that Cordray will overreach in his new role and burden them with un­necessary new oversight.

“Richard Cordray was known as sort of a regulatory zealot in Ohio and generally was pretty tough on the financial services industry within his state,” said Camden Fine, head of the Independent Community Bankers of America, echoing others in the financial industry who were re­luctant to speak publicly. “We have concerns about how he will handle enforcement of CFPB regulations and the new rules that the CFPB will be pumping out. . . . The jury is still out.”snip

more at http://www.washingtonpost.com/business/economy/richard-cordray-prepares-to-lead-new-consumer-protection-agency/2011/03/28/AF66aLzB_story.html

[Ichingcarpenter]

3. sounds a little hopeful... n/t

[rucky]

6. If the ICBA hates him

He should be okay.

[lunatica]

2. Corday is a close ally of Elizabeth Warren

"Cordray could also face resistance from Republicans in the Senate. He is a close ally of Warren and is also known as a vocal critic of the banking industry. He has been working as part of Warren's team on the effort to set up the consumer agency.

While in Ohio, he was known as a leader among state attorneys general in a probe of dubious mortgage foreclosures practices."

http://www.reuters.com/article/2011/07/17/obama-consumer-cordray-idUSN1E76G03K20110717

[Zorra]

4. Elizabeth Warren chose him for service in the CFPB.

That's a good sign.

[WCGreen]

5. I've known Richard for a very long time, all the way back to the mid 90's...

He was swept out of office in the 2010 republican take down of democracy...

He is a five time Jeopardy winner and a genuinely nice man.

He would be a great candidate to take on Kashich in 2014.