Breaking news from the Cleveland Plain Dealer
Former Ohio Attorney General Richard Cordray (D) has been chosen by the Obama Administration to run the Consumer Financial Protection Bureau.
Cordray is a good choice, an Ohio Democrat known for his honesty, integrity and good work ethic.
PD is reporting the news from a White House official. The official announcement will be made later today.
While its difficult to imagine the banks will favor Cordray any more than Elizabeth Warren, the WH must feel he has a better chance of confirmation. Let's hope so.
U.S. Sen. Sherrod Brown called Cordray a "great" pick and said her hopes the confirmation process is quick. Brown praised Cordray's consumer-oriented focus as state attorney general. Cordray was defeated for reelection last November by Mike DeWine.
ETA: I still have a campaign T-shirt from Rich's campaign for Attorney General, back in 2000, IIRC. He's a trustworthy person. Elizabeth Warren personally picked him to help her set up CFPB. Congratulations, Rich!
Update: Here are some interviews with Cordray on the topic of foreclosure fraud, when as Ohio AG, he began pursuing cases against lenders who were improperly foreclosing on mortgages. These should give you a better idea of how he works.