On July 18, 2011, three days before the designated transfer date, President Obama announced his nomination of Richard Cordray to serve as the first Director of the CFPB. Cordray is the former Attorney General of Ohio and previously served as Ohio Treasurer.
Over the last year, Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB, has been leading the CFPB implementation team. In December 2010, Warren selected Cordray to establish the CFPB’s Enforcement Division and to serve as the CFPB’s Assistant Director for Enforcement.
Cordray’s nomination will now be forwarded to Congress, where it must gain Senate approval before Cordray may assume the position of CFPB Director.