Richard Cordray, not Elizabeth Warren to lead CFPB

We are at a critical point on this decision. Although I was pulling for Elizabeth Warren, I know that the Senate would not have confirmed her. It would have slowed down the process. We need to see some progress in this agency leading up to the election.

President Obama has selected former Ohio Attorney General Richard Cordray to lead the embattled Consumer Financial Protection Bureau.

Obama will make the announcement Monday from the White House. The report first appeared Sunday in the Columbus (Ohio) Dispatch.

Cordray, 52, currently serves as the director of enforcement for the Bureau, and has been among names discussed for the position, although he has largely been absent from the public rumor mill surrounding the nomination in recent weeks.

“Richard Cordray has spent his career advocating for middle-class families, from his tenure as Ohio’s attorney general, to his most recent role as heading up the enforcement division at the [Bureau] and looking out for ordinary people in our financial system,” Obama said in a statement.

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