Wednesday, December 15, 2010

DBJ... Cordray going to Washington

From Dayton Business Journal…
Ohio AG Richard Cordray to head consumer protection enforcement
Wednesday, December 15, 2010

When Ohio Attorney General Richard Cordray leaves office he will head to Washington, D.C., to join the U.S. Treasury Department.
The Treasury said Wednesday that Cordray will lead the enforcement division of its Consumer Financial Protection Bureau (CFPB) implementation team. His responsibilities will include building the enforcement team and preparing for the exercise of enforcement powers, according to a news release.
The hiring was one of three new senior leadership roles announced Wednesday by the Treasury for the new consumer protection unit.Leonard Chanin was named to lead the rule writing team and David Silberman will head the card markets division.
"For too long, American families who have worked hard, played by the rules, and lived up to their financial obligations have struggled against a large, complex financial system with no cop on the beat to enforce the law," said Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB.
"Richard Cordray has the vision and experience to help us build a team that ensures every lender in the marketplace is playing by the rules."
President Barack Obama announced the formation of the new consumer protection bureau in September, saying it would be designed to protect consumers' rights.
Cordray, a Democrat, was defeated by Republican Mike DeWine in the November election.

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