Richard Cordray is a great pick for this job:
Outgoing Ohio Attorney General Richard Cordray will lead enforcement efforts for the new Consumer Financial Protection Bureau. The federal agency was recently created by Congress to protect consumers from unfair practices in credit card, mortgage and other financial transactions.
As attorney general, he has clashed with such Wall Street banks as Wells Fargo and Bank of America. But because federal laws limit the action states can take, he said, “it was difficult to do anything against the nationally chartered banks.” In his new federal post, Cordray said, “I’ll have a clearer field . . . right now, my focus will be big banks.”
That means looking at unfair mortgage, foreclosure and credit card tactics, he said. But he will also be able to investigate and go to court to enforce rules the agency is charged with writing to protect consumers from unfair practices in a wide range of financial transactions, including student loans and debt collection. Cordray sidestepped federal preemptions of state action as attorney general by targeting loan services.
My hope is Issa holds lots and lots of hearings, and Warren and Cordray are called to appear.
Two smart, appealing and effective consumer advocates on the national stage versus House Republicans.
I may have to take off work to watch.