Attorney General Gansler Applauds Appointment of Richard Cordray as Director of Consumer Financial Protection Bureau

Former Ohio AG's Appointment a "Victory for Consumers"

BALTIMORE, MD ( Jan. 4, 2012) - Attorney General Douglas F. Gansler today praised President Obama's appointment of Richard Cordray to direct the Consumer Financial Protection Bureau (CFPB), calling it a "victory for consumers who expect their wallets and homes to be protected from financial predators." Cordray served as attorney general of Ohio from 2009 to 2011 and has since been serving as the CFPB's Director of Enforcement.

"State attorneys general have long been at the forefront of the fight to protect families from abusive financial practices, and Richard Cordray helped lead the charge with great dedication and integrity," said Attorney General Gansler. "As Ohio's attorney general, Cordray enforced consumer laws against predatory banks, Wall Street firms and subprime mortgage lenders, recovering billions of dollars for state consumers."

"By creating a new financial protection bureau, the federal government is building on state-led consumer protection efforts in critically important ways," Attorney General Gansler continued. "And I can think of no person better qualified to spearhead that mission than Richard Cordray -- someone who can make tough decisions, provide vision and be accountable for the bureau's performance. With Cordray at the helm of the CFPB, the bureau can now do the hard work of holding the financial services industry accountable to consumers nationwide."

Attorney General Gansler was among a bipartisan group of 37 state attorneys general who wrote to Congressional leaders in October to express support for Cordray's nomination as Director of the CFPB. Their letter of support can be found here: http://www.naag.org/ags-support-cordray-nomination-for-cfpb-director1.php.