Blog Archives

CFPB, City of Chicago Agreement is Encouraging for all Americans

Richard Cordray in Chicago

Sun-Times Photo

The Consumer Financial Protection Bureau (CFPB) and City of Chicago have teamed up to protect city residents from predatory lending.

At the announcement in Chicago, CFPB Director Richard Cordray said it is the first time the federal agency has partnered directly with a municipal government.

The crux of the agreement is information sharing: The city will share information it collects on financial scams with the CFPB, and the CFPB will share its analysis, expertise, and mandated enforcement power with the city.  Read the rest of this entry

Advisory Panel to Help Strengthen Consumer Protections

CFPB LogoOn Sept. 27, the Consumer Financial Protection Bureau (CFPB), in conjunction with a public town hall event, swore-in the inaugural Consumer Advisory Board (CAB) in St. Louis.  With over a decade of policy work on consumer protection, I am humbled to serve on the first CAB.

The CAB, required by the enabling Dodd-Frank Wall Street Reform and Consumer Protection Act, serves at the pleasure of the CFPB Director and includes 25 members across various sectors, including mainstream financial institutions, new-generation technologies, legal services, public policy, academia, and community financial empowerment.  The members serve staggering terms, ranging from one to three years, and can serve a maximum of two terms.   Read the rest of this entry

State of the Union 2012 – A Glimmer of Hope for Tax Reform

President Obama delivers his State of the Union speech.

Last night, President Obama delivered his annual State of the Union address to Congress with no shortage of proposals designed to continue to spur economic confidence and growth. While many of the specifics of his proposals will be laid out over the coming weeks, I was pleased to hear several overtures to take the tax reform bull by the horns and make real progress while recognizing the needs of our hardest working taxpaying families.

The President’s speech emphasized fairness, and I look forward to seeing how the optimism expressed for our economy last night will be translated into honest reform. Read the rest of this entry

CFPB Director Appointed: What Comes Next?

Richard Cordray

Richard Cordray

On Wednesday, President Obama announced that he was using a recess appointment to make Richard Cordray the first Director of the Consumer Financial Protection Bureau (CFPB). Cordray had gone through intense questioning during a confirmation battle, only to see his appointment held up for months by some Senators’ qualms with the CFPB’s authority (and not with Cordray himself, who even many detractors found to be qualified).

So what does this mean for the low-income families we serve? Read the rest of this entry

Obama Nominates Consumer Financial Protection Bureau Director, Richard Cordray

Richard Cordray

Cordray previously served as the CFPB's Director of Enforcement

Today, President Obama formally announced his nomination of Richard Cordray as the first Director of the Consumer Financial Protection Bureau (CFPB).

Cordray’s nomination comes as a surprise for those expecting Elizabeth Warren, the acting director of the agency and special adviser to President Obama, to officially take on the position. Warren, however, has attracted much Republican criticism for her strong consumer activist opinions, and her nomination would likely have met controversy. Cordray, on the other hand, as Ohio Attorney General and current CFPB Director of Enforcement, is lesser known and less controversial. (more…)