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Ohio AG Richard Cordray Joins CFPB

This is really great news. Richard Cordray was the one Attorney General who lost in November who needed to be in the game on foreclosure fraud and a host of consumer protection issues. He was the first AG to sue a major servicer for committing fraud upon the courts in the robo-signing scandal. He has been an eloquent champion of consumers in his state. And now, he’ll do the same for the rest of the country:

The Obama administration has selected Ohio Attorney General Richard Cordray, a vocal critic of the banking industry, to head the enforcement division of the new Consumer Financial Protection Bureau, according to a Treasury official.

Cordray, a Democrat, has been a leader among state attorneys general in the probe into mortgage foreclosure practices. The probe is examining whether banks submitted faulty legal documents in foreclosure proceedings.

The Obama administration will announce the selection of Cordray later today, the Treasury official said. Cordray lost his re-election bid in November to Republican Mike DeWine.

This is a major position in the CFPB, and Cordray has never shied away in his tenure as AG from vigorous enforcement of the law. He’s the perfect choice, and this keeps him on the beat against the big banks and the fraudsters.

I’m certain that Elizabeth Warren had a great deal to do with this hire. So far, the two biggest names she’s brought into CFPB have been Cordray and Raj Date. CFPB is becoming a little island of hope in a morass of government.

UPDATE: A source with knowledge of the hire says it came out of Elizabeth Warren’s trip to Columbus, Ohio back in October. Warren and Cordray spoke there and have remained in touch ever since.

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David Dayen

David Dayen