The fledgling Consumer Financial Protection Bureau, which now has almost 100 employees, just announced a new employee: Former Ohio Attorney General Richard Cordray, whom you may remember from the robo-signing fiasco: He was one of the first state attorneys general to take mortgage servicers to court for attempting to foreclose on borrowers without legal standing. Now, Cordray will head the enforcement division of the CFPB's implementation team, the group of Treasury officials, headed by Elizabeth Warren, currently preparing the CFPB for the full assumption of its authorities in July. Cordray, whose narrow loss in November depressed consumer advocates, now finds himself with a potentially bigger stage to crack down on pernicious business practices and predatory lending.
-- Tim Fernholz
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