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