GovLaunch: White House Announces Leader for Consumer Financial Protection Bureau

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    Patrick Fiorenza
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    Today, GovExec revealed that the White House has announced that Richard Cordray will lead the Consumer Financial Protection Bureau (CFPB). Cordray is a former law professor and served as the Ohio Attorney General during the housing crisis.

    Cordray’s experience as Attorney General during the housing crisis will be critical, as the bureau he has been appointed to will oversee the 2010 Dodd-Frank financial reform law. The law polices unfair, deceptive or abusive lending. GovExec highlights more on the role of CFPB:

    “Largely out of the limelight, CFBP staff — currently about 400 under the Treasury Department — have been working overtime to meld operations from seven agencies under authority of 18 statutes. In two floors of a little-noticed office northwest of the White House (the long-term plan is to move to 300,000 square feet at a building being renovated at 1700 G Street N.W.) the agency has been hiring at a reported rate of 80 workers a month and, by one projection, will surpass 1,000 employees in offices nationwide.

    Its lofty budget of $500 million comes not from Congress but from the Federal Reserve. Its second quarter spending totaled $36 million and included a $3 million human resources contract.”




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