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Press Room

For Immediate Release: October 18, 2011

AGs Support Cordray Nomination for CFPB Director

Washington, DC---The National Association of Attorneys General (NAAG) sent a letter today signed by 37 state and territorial Attorneys General to the U.S. Senate supporting the nomination of former Ohio Attorney General Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). The CFPB was created by the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act [P.L. 111-203] and is tasked with regulating financial products and services.

“We are Attorneys General from across the country who represent a wide range of political interests. Some of us may disagree with aspects of the Dodd-Frank legislation. But we are united in our belief that Mr. Cordray is very well qualified to carry out the responsibilities of this position,” the letters states. It cites Cordray’s experience and balanced approach to the financial services industry among his many qualifications: “Mr. Cordray is particularly well qualified to serve in this position. For the past several months he has served as the CFPB’s director of enforcement. Immediately before taking that position, Mr. Cordray served two years as Ohio Attorney General. In both roles, he earned a reputation as a strong advocate for the interests of consumers. Mr. Cordray dealt with all the leading players, including Wall Street firms, banks, credit rating agencies and subprime mortgage lenders. In these actions he not only defended consumers but also worked to find fair and reasonable solutions for the financial industry.”

President Obama nominated Cordrayto become CFPB director in July, and the U.S. Senate Committee on Banking, Housing and Urban Affairs voted 12-10 on Oct. 6 to send the nomination to the full Senate.

A copy of the NAAG letter can be found here: http://www.naag.org/sign-on_archive.php

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The National Association of Attorneys General (NAAG), www.naag.org, was founded in 1907 to help Attorneys General fulfill the responsibilities of their office and to assist in the delivery of high quality legal services to the states and territorial jurisdictions.

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