Ohio AG to Head CFPB Enforcement Team

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 15, 2010.

Ohio Attorney General Richard Cordray will head the enforcement team at the new Consumer Financial Protection Bureau (CFPB), the Treasury Department announced. Cordray, a Democrat, was defeated in his re-election bid last month.

“Richard Cordray has the vision and experience to help us build a team that ensures every lender in the marketplace is playing by the rules,” said Elizabeth Warren, Treasury Special Advisor on the CFPB.

In July 2009 Cordray was the first attorney general in the nation to file a lawsuit against a mortgage loan servicer for violation of the state’s consumer laws. He has also taken a leading role in combating the robo-signing problem in home foreclosures.

The Treasury also announced that Leonard Chanin, currently Deputy Director of the Federal Reserve Board’s Division of Consumer and Community Affairs, will lead the rule writing team at CFPB. David Silberman, previously with Kessler Financial Services and the AFL-CIO, will head the card markets division.

Separately, the Federal Deposit Insurance Corp. said Jim Wigand has been appointed as director of the new Office of Complex Financial Institutions. The office is responsible for the review and oversight of bank holding companies with over $100 billion in assets and non-bank financial companies deemed systemically important. Wigand has served as the Deputy Director for Franchise and Asset Marketing in the Division of Resolutions and Receiverships since 1997.