New Head of the Bureau of Consumer Financial Protection: Richard Cordray

Mr. Cordray is a former attorney general of Ohio noted for his aggressive investigations of mortgage foreclosure practices. Currently in charge of enforcement at the consumer agency, the Bureau of Consumer Financial Protection. In his two years in office, he has sued often, filing lawsuits and wresting about $2 billion from financial titans like Merrill Lynch, Marsh & McLennan and American International Group. Nor will he spare the Securities and Exchange Commission, which he suggested could and should have played a much stronger role. “In an ideal world, if the S.E.C. had done its job, that would be much better,” he said in an interview with The NY Times in October. “Our settlements make up for the losses fractionally.” Created by the Dodd-Frank financial overhaul bill, the Bureau of Consumer Financial Protection gets its financing from the Federal Reserve but stands clear of its regulatory oversight.