Financial Institutions and Markets

By: Edmund D. Harllee
Williams Mullen (North Carolina and Virginia, USA)

On January 4, 2012, President Obama installed Richard Cordray as Director of the new Consumer Financial Protection Bureau (“CFPB”).

  Mr. Cordray had served as Attorney General for the State of Ohio and most recently was in charge of the enforcement division of the Treasury Department.  In the latter position, he had also been in charge of the day-to-day functions of the CFPB during the confirmation process.  The Director of the CFPB serves a five-year term and can only be removed by the President for cause. Click here to read entire article.