Former Ohio AG nominated to head CFPB

President Obama is nominating Richard Cordray to be director of the Consumer Financial Protection Bureau. Cordray, currently the lead enforcement officer at the CFPB, is a former attorney general for the State of Ohio and he has a reputation as a fierce enforcer of the law against lenders. As A.G., he filed lawsuits against GMAC Mortgage, Merrill Lynch, and loan servicers.

CFPB ready to be ‘cop on the beat’

“Starting on July 21, we will be a cop on the beat — examining banks and protecting consumers,” said Elizabeth Warren, Harvard professor and special adviser to the Treasury Secretary, in a July 12 Treasury Department press release.

As acting head of the Consumer Financial Protection Bureau, Warren outlined the agency’s big bank supervision approach beginning July 21.

Who’s involved in the Federal Stability Oversight Council

President Obama has nominated S. Roy Woodall, who recently retired from the Treasury Department as a senior policy analyst, to serve on the Federal Stability Oversight Council (FSOC). Woodall is also a former insurance commissioner for Kentucky and an insurance consultant for the Congressional Research Service.

Rules to be transferred to CFPB: A reference guide

A little over a week remains for the financial services industry to comment on the “Identification of Enforceable Rules and Orders” that the Consumer Financial Protection Bureau published in the Federal Register on May 31. Comments are due June 30.

Checks and balances for CFPB director

In early May, a group of 44 Republican senators sent a letter to President Obama that said they will not confirm any nominee for CFPB director unless structural changes are made.

Friend or Foe

What, exactly, will the Consumer Financial Protection Bureau do, and how will it benefit consumers?

A new contender for top job?

Elizabeth Warren isn’t alone.

Long considered “the” candidate for the position of director of the Consumer Financial Protection Bureau – however challenging it may be to install her in the job – Warren is not the only person under consideration for the position.

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