During a Senate Banking Committee hearing yesterday, former Ohio Attorney General Richard Cordray outlined his expertise and vision as nominee to become director of the CFPB.
Cordray explained that as Ohio Attorney General he had two options to address problems: “do nothing, or open an investigation that might lead to a lawsuit.”
Cordray said the CFPB’s supervisory tools are a powerful alternative to immediate lawsuits as they offer “the prospect of resolving compliance issues more quickly and effectively without resorting to litigation…I know from my own experience that lawsuits can be a very slow, wasteful, and needlessly acrimonious way to resolve a problem.”
Yet, Cordray stated his commitment to consumer protection saying, “If people are ignoring or evading consumer protections laws – and seeking to gain an unfair advantage over their law-abiding competitors – then litigation is an essential tool, and we will use it judiciously.”
Referencing prior roles as a county and state Treasurer, Cordray said he “quickly learned that there is no such thing as a one-size-fits-all solution as we seek to aid those who want to do the right thing and, when necessary, to thwart those who seek to take advantage of others.”
Cordray also voiced support for streamlining current regulation, as is being done for mortgage disclosures.
See Cordray’s testimony.
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