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NAAG sends Senate letter in support of Cordray’s nomination

Richard CordrayThe National Association of Attorneys General sent the Senate a letter expressing its support for former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau.

“We are attorneys general from across the country who represent a wide range of political interests,” the letter said, according to MortgageOrb.com. “Some of us may disagree with aspects of the Dodd-Frank legislation. But we are united in our belief that Mr. Cordray is very well qualified to carry out the responsibilities of this position.”

Thirty-seven state and territorial attorneys general signed the letter, which listed Cordray’s experience and balanced approach to the financial services industry as a reason his nomination should be confirmed.

Cordray served as Ohio’s attorney general from 2008 to 2010 before joining the CFPB as the bureau’s director of enforcement.

“In both roles, he earned a reputation as a strong advocate for the interests of consumers,” the NAAG letter said, according to MortgageOrb.com. “Mr. Cordray dealt with all the leading players, including Wall Street firms, banks, credit rating agencies and subprime mortgage lenders. In these actions, he not only defended consumers but also worked to find fair and reasonable solutions for the financial industry.”

Cordray’s nomination was recently approved in the Senate Banking Committee, but his confirmation is still in doubt because Senate Republicans continue to oppose any nomination for director as they feel that the position yields unprecedented and potentially harmful power.

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