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Cordray heads to Senate for CFPB nomination hearing

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Richard Cordray, President Obama's nominee to head the Consumer Financial Protection Bureau, will appear in front of the Senate Banking Committee Tuesday to outline his plans for the agency. The new agency released Cordray's opening remarks in which he states the bureau will use litigation judiciously and work with businesses to ensure they have a chance to share their story before any type of lawsuit is filed in relation to a consumer violation. Cordray's also plans to outline his background, which includes time spent as a county treasurer, state treasurer and Ohio Attorney General. He believes many families end up struggling with death, serious illness or divorce, causing them to face financial difficulties. "I 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," he plans to tell the committee. While Ohio Attorney General, he pursued actions designed to prevent foreclosure-rescue scams and complaints against mortgage servicers for violating consumer protection laws. Cordray said law enforcement should be "evenhanded, fair and reasonable" and support honest businesses in two key ways: by making sure businesses that cheat do not gain an unfair advantage and ensuring consumers are treated fairly, giving them a sense it's OK to participate in the market. He said before complaints in Ohio were filed, he "deliberately instituted an early warning policy of notifying parties and giving them a chance to tell us their side of the story before we filed a lawsuit. On a number of occasions, this policy allowed us to resolve issues without going to court." Cordray's prepared statement will open the nomination hearing, which will be the first time he appears in front of the Senate as Obama's official nominee. Opponents of the new federal regulator say their dissent isn't about the nominee — who was largely believed to be Elizabeth Warren until she left CFBP — but with the structure of the agency itself. Sen. Tim Johnson, D-S.D., chairman of the powerful banking committee plans to take Republicans to task for holding up Cordray's nomination process, according to Politico. Write to: Kerri Panchuk.

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