Former Director of the CFPB and Ohio Attorney General
April 8, 2020
Richard Cordray is an American attorney, elected official, and financial regulator with extensive experience at the state and federal level. Cordray began his political career in 1990, when he won a seat in the Ohio State House of Representatives. In 2002, Cordray was elected to serve as the Treasurer of Franklin County, Ohio. In 2007, he won a statewide election to become Treasurer of Ohio, and participated in the Ohio Foreclosure Prevention Task Force. Cordray was elected in 2009 to serve as Ohio Attorney General. In this position, he helped lead Ohio’s response to the 2008 Financial Crisis. As Ohio Attorney General, he helped launch a multi-state initiative to curb predatory lending and investigate “robo-signing” foreclosure fraud. Cordray also filed lawsuits against fraudulent banks and mortgage servicers, which led to multimillion-dollar settlements for the Ohio taxpayers. In 2012, President Obama nominated Cordray to serve as the first director of the Consumer Financial Protection Bureau. Cordray served in this position until his resignation in 2017. Cordray currently resides in Grove City, Ohio, and holds a Juris Doctor from the University of Chicago, a Master of Arts from Brasenose College, Oxford, and a Bachelor of Arts from Michigan State University.
This article details Cordray’s firm stance on his opposition to the payday loan industry– it highlights his support for the Ohio House Bill 545 which caps interest rates on payday loans during his run for Ohio Attorney General.
In this article in The Advocate, Cordray’s encouragement of public and private sector officials to address the foreclosure crisis is highlighted as the author describes his engagement with Ohio households to create awareness of predatory lending.
In this op-ed for the Washington Post, Cordray looks back on the causes of the 2007-2009 financial crisis and reflects on the role of irregularities in the mortgage market in the Great Recession. He argues that in order to avert a foreclosure crisis like the one that occurred in 2008, the Consumer Financial Protection Bureau and state officials should provide financial relief for vulnerable homeowners.
This report of the Ohio State Treasurer’s Office discusses Cordray’s state-level work on credit card abuses and the residential foreclosure crisis.