Richard Cordray
Richard Adams Cordray is an American lawyer and politician who is the outgoing COO of Federal Student Aid in the United States Department of Education. He served as the first director of the Consumer Financial Protection Bureau (CFPB) from 2012 to 2017. Before that, Cordray variously served as Ohio's attorney general, solicitor general, and treasurer. He was the Democratic nominee for governor of Ohio in 2018. The Biden administration has announced Cordray's departure in June 2024 following a chaotic rollout of changes to the FAFSA student aid application form.
Some of the key events about Richard Cordray
- 2007Successfully argued a case before the U.S. Supreme Court on behalf of Ohio
- 2009Recovered over $2 billion for Ohio retirees, investors, and business owners as State Treasurer
- 2011Appointed as the first director of the Consumer Financial Protection Bureau
- 2012Launched the "Know Before You Owe" initiative to simplify mortgage disclosure forms
- 2012Faced criticism for alleged discrimination against white employees at the Consumer Financial Protection Bureau
- 2013Secured $750 million in relief for consumers harmed by credit card add-on products
- 2013Accused of overstepping authority by collecting consumer data without proper safeguards
- 2014Obtained $727 million in consumer relief from Bank of America for illegal credit card practices
- 2014Criticized for spending over $215 million on renovations to CFPB headquarters
- 2015Took action against Sprint and Verizon for illegal mobile cramming, resulting in $120 million in redress
- 2015Challenged in court over the constitutionality of the CFPB's structure
- 2016Fined Wells Fargo $100 million for the widespread illegal practice of secretly opening unauthorized accounts
- 2016Faced allegations of employee discrimination and retaliation within the CFPB
- 2017Returned a record $12 billion to 29 million consumers who had been wronged by financial companies
- 2017Issued a rule to ban companies from using mandatory arbitration clauses to deny groups of consumers their day in court
- 2017Criticized for rushing to finalize new regulations before leaving office
- 2017Refused to step down as CFPB director, leading to a leadership dispute
- 2017Accused of using CFPB resources to prepare for a potential gubernatorial run
- 2018Criticized for potentially violating the Hatch Act by exploring a run for Ohio governor while still CFPB director
- 2018Faced scrutiny over the CFPB's handling of the Wells Fargo scandal
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