Richard Cordray a Smart and Fair Choice to Head the CFPB

CLEVELAND, OH – Empowering and Strengthening Ohio’s People is thrilled at the news that President Obama has nominated Richard Cordray to head the new Consumer Financial Protection Bureau. 


“Rich takes a smart and common sense approach to fighting for consumers.  He is not your typical lawyer or politician,” says Mark Seifert, Executive Director of ESOP.  “Richard is a really smart guy and he’s inquisitive.  He doesn’t walk into the room thinking he has all the answers.  He’s open-minded and willing to listen to experts along with non-traditional views before taking action. ” 


As Ohio Attorney General Cordray stood up for homeowners facing foreclosure, battled Wall Street banks like Wells Fargo and Bank of America, went after loan servicers like GMAC Mortgage and even won over a billion dollars in lawsuits from financial giant AIG.  In his new role Cordray will have greater authority to protect consumers across the country from a wide range of unfair practices involving mortgages, foreclosures, credit cards, student loans and debt collection.  


“Just because you’re a bank doesn’t mean he’s coming after you.  He’s not looking to get you on a technicality.  He’s not an ideologue.  But if you rip off consumers, he will come after you and he’ll be tough.  He’s about justice,” said Seifert.


“That’s what we need,” said ESOP Board President Inez Killingsworth.  “Someone who looks at all the information and in the end he’s going to fight for what’s fair for the people.  He’s not trying to play politics.  He’s about what’s right.”


Cordray has worked along with E.S.O.P. over the years to help homeowners across the state facing foreclosure to stay in their homes.  And when Ohio was left out of the $1.5 billion awarded to five states with the highest foreclosure rates, Cordray worked with E.S.O.P., other  elected leaders and other advocacy groups to secure Hardest Hit funds.