Obama names consumer chief

On Sunday, July 17, the White House announced President Obama’s intention to nominate former Ohio Attorney General Richard Corday to lead the new Consumer Financial Protection Bureau, bypassing Elizabeth Warren, who championed the creation of the new agency. Obama is expected to make a formal announcement of his choice of Cordray this morning.  It is unclear how Cordray will fare in the Senate confirmation process, as 44 Republican Senators, served notice in May of their intention to block any nominee to head agency, unless President Obama agreed to major structural changes for the agency.  The agency begins operations this Thursday, although its powers are limited  to enforcing consumer financial protection laws that existed before last year’s Dodd-Frank financial reform law was enacted until a director is in place.  So far, reaction to the President’s selection, not surprisingly, is mixed.

For more information on the President’s nominee, you can read a detailed Cordray bio from his 2000 run for Senate in Ohio.

Visit our Financial Services page to read the New England Council’s Principles for Financial Regulator Reform.

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