Attorney General Gansler Applauds President Obama's Nomination of Richard Cordray as Director of Consumer Financial Protection Bureau
Senate confirmation would be a "victory for consumers"
Baltimore, MD ( Jan. 24, 2013) - Attorney General Douglas F. Gansler, president of the National Association of Attorneys General (NAAG), today praised President Barack Obama's nomination of Richard Cordray to serve a full five-year term as the Director of the Consumer Financial Protection Bureau (CFPB). Cordray has served as CFPB Director since his appointment by President Obama on January 4, 2012. The former Ohio Attorney General had previously served as the CFPB's Director of Enforcement.
"Richard Cordray's nomination to a full five-year term is a major victory for consumers and the work of attorneys general nationwide," said Attorney General Gansler. "His dedication, integrity and experience as a consumer advocate in Ohio and at the CFPB are testimony to the success he will produce on behalf of consumers in Maryland and across the nation. With Richard Cordray at the helm of the CFPB for a full term, the bureau will have a strong and steady leader who will hold the financial services industry accountable to consumers nationwide."
Since becoming Director of CFPB, Cordray has worked with attorneys general across the country to protect consumers, including actions that stopped illegal "payday loan" abuses and protected military veterans from misleading web-based attempts to steer veterans and their educational benefits exclusively towards for-profit schools. Additionally, Cordray oversaw enforcement actions that resulted in $425 million in refunds to six million consumers victimized by deceptive practices.
Attorney General Gansler was among a bipartisan group of 37 state attorneys general who wrote to Congressional leaders in October, 2011 to express support for Richard 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.