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Bank Challenger Picked to Run Consumer Agency

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The former Attorney General of Ohio, Richard Cordray, was nominated to head the U.S. Consumer Financial Protection Bureau. Cordray is the current head of enforcement at the new agency. The CFPB is part of the overhaul in regulation of the financial industry mandated by the Dodd-Frank legislation. This agency has the authority to write new consumer protection rules, see that federal consumer financial protection laws are enforced, dispatch examiners to review bank accounting and records and look into consumer complaints. The new Bureau's rules can only be overturned by a super majority in the Financial Stability oversight Council, which is headed by the Treasury department, or by appeal to the courts.

A new U.S. regulatory framework is outlined in an 85 page white paper put out by the White House.

06/17/2009

THe Fed gets increased powers to oversee large financial firms. A new consumer agency to protect consumers of credit cards, mortgages and other products would be created with powers to stem abuses. And new rules and oversight over mortgage securites and derivatives trading.

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Cordray Picked to Head Consumer Financial Protection Bureau

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Bank Challenger Picked to Run Consumer Agency

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Cordray Picked to Head Consumer Financial Protection Bureau

New York Times 07/17/2011

Consumer Financial Protection Bureau Roughly Doubled Caseload in 2015

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Bank Challenger Picked to Run Consumer Agency

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