Aug 01, 2012 · Prior to joining the Bureau, Mr. Cordray served on the front lines of consumer protection as Ohio’s Attorney General. Mr. Cordray recovered more than $2 billion for Ohio’s retirees, investors, and business owners and took major steps to help protect its consumers from fraudulent foreclosures and financial predators.
Dec 08, 2011 · SACRAMENTO --- Attorney General Kamala D. Harris issued the following statement in response to today’s developments in the effort to approve former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau: “President Obama's nominee to lead the Consumer Financial Protection Bureau, Richard Cordray, should be …
Feb 23, 2015 · The Consumer Bureau is the first federal agency to supervise payday lenders for compliance with federal consumer financial laws. Last year, we issued a report which found that payday loans put many consumers at risk of turning what is typically described as a short-term, emergency loan into a long-term, expensive debt burden.
Jan 12, 2012 · “We share your goal of making markets for consumer financial products and services work for all Americans and we look forward to working with you,” the lawmakers wrote. The full letter follows below. ### January 11, 2012 The Honorable Richard Cordray Director Consumer Financial Protection Bureau 1801 L St. NW, Washington DC 20036 Dear ...
Richard Adams Cordray (born May 3, 1959) is an American lawyer and politician serving as the Federal Student Aid Chief Operating Officer in the US Department of Education. He served as the first Director of the Consumer Financial Protection Bureau (CFPB) from 2012 to 2017. Before that, Cordray variously served as Ohio 's Attorney General, ...
In July 2009 Denny Chin , a judge on the United States district court for the Southern District of New York, granted lead plaintiff status to a group of five public pension funds for investor class-action lawsuits against the Bank of America Corporation over its acquisition of Merrill Lynch & Company. The claim was that Bank of America misled investors about Merrill's financial well-being prior to the January 1, 2009 acquisition despite awareness that Merrill was headed toward a significant loss that amounted to $15.84 billion in its fourth quarter. The suit also alleged that significant bonus payments were concealed.
In 1990 Cordray ran for an Ohio State House of Representatives seat, in the 33rd District (southern and western Franklin County ), against six-term incumbent Republican Don Gilmore. Unopposed for the Democratic nomination, he defeated Gilmore by an 18,573–11,944 (61–39%) margin.
From 1995 to 2007 Cordray was a sole practitioner and Of Counsel to Kirkland & Ellis. In late 1996 Cordray , who was in private practice at the time, was a leading contender and finalist for a United States Attorney position during the second term of the Clinton Administration, along with Kent Markus and Sharon Zealey.
1998 Ohio Attorney General election. During the 1998 election for Ohio attorney general, Cordray ran unopposed in the Democratic primary but was defeated, 62%–38%, by one-term Republican incumbent Betty Montgomery.
Cordray was unopposed in the May 7, 2002, primary election for the Democratic nomination as Franklin County treasurer. He defeated Republican incumbent Wade Steen, who had been appointed in May 2001 to replace Bobbie M. Hall.
In April 2010 Cordray reached a $1 billion settlement with American International Group (AIG), one of four remaining named defendants (along with Marsh & McLennan, Hartford Financial Services and Chubb Corp. ), in a 2007 antitrust case regarding business practices between 2001 and 2004. The settlement was divided among 26 Ohio universities, cities and schools. Zurich Financial Services settled in 2006. Cordray believes that Marsh was the organizing company for the illegal practices and noted that a trial could commence in 2011. AIG admitted no wrongdoing and said the settlement was to avoid risks and prolonged expenses.