Cordray's future uncertain

Former Ohio Attorney General Richard Cordray's future as director of the Consumer Financial Protection Bureau may be in question.

Cordray’s recess appointment by President Obama is set to expire at the end of 2013, unless the Senate confirms him.

Meanwhile, WBNS TV in Columbus reports that Cordray may be close to entering the 2014 race for Ohio governor.

Many Senate Republicans oppose both the recess appointment and the Consumer Financial Protection Bureau.

Two years ago, 45 Republicans filibustered Cordray’s nomination.

Sen. Mike Crapo, R-Idaho, said last week: “(Obama's) decision to re-nominate Richard Cordray to be director of the Consumer Financial Protection Bureau after using an unconstitutional recess appointment is premature, given the outstanding concerns about the bureau and the legal challenge to the recess appointment. Until key structural changes are made to the bureau to ensure accountability and transparency, I will continue my opposition to any nominee for director, as outlined in a letter signed by 45 Republican Senators to the president.”

The Consumer Financial Protection Bureau, established by the Wall Street Reform Act President Obama signed into law in 2010, is charged with overseeing the federal financial laws that specifically protect consumers – people who keep their money in banks and credit unions, pay for goods and services with their credit cards, and rely on loans to buy homes or pay for college, among other services.

“Over the last year, Richard has proved to be a champion of American consumers,” President Obama said. "Thanks to his leadership, we’ve made it tougher for families to be tricked into mortgages they can’t afford. We’ve set clearer rules so that responsible lenders know how to operate fairly.

"We’ve launched a 'Know Before You Owe' campaign to help parents and students make smart decisions about paying for college. We’ve cracked down on credit card companies that charge hidden fees, and forced those companies to make things right. And through it all, Richard has earned a reputation as a straight shooter and somebody who’s willing to bring every voice to the table in order to do what’s right for consumers and our economy."

U.S. Sen. Sherrod Brown, D-Ohio, supports Cordray's re-appointment.

“Middle-class consumers – from new homeowners, to college students, to senior citizens – deserve a forceful voice in Washington," Brown said. "Richard Cordray has been a strong consumer advocate during his time as head of the Consumer Financial Protection Bureau.

"Under his watch, the bureau has crafted rules that balance the needs of consumers and the business community – as those of us who supported his nomination, including Ohio’s banks, knew that he would. His leadership in Ohio and at the CFPB clearly qualifies him for this position. I hope that my colleagues will end their unprecedented obstruction and confirm him quickly.”

Brown is chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection.

Cordray currently serves as the first director of the Consumer Financial Protection Bureau.

Prior to joining the bureau, Cordray served as Ohio’s attorney general. He also served as Ohio treasurer and Franklin County treasurer.

As state treasurer, Cordray resurrected a defunct economic development program that provides low-interest loan assistance to small businesses to create jobs, re-launched the original concept as GrowNOW, and pumped hundreds of millions of dollars into access for credit to small businesses. Cordray simultaneously created a Bankers Advisory Council to share ideas about the program with community bankers across Ohio.

Earlier in his career, Cordray was an adjunct professor at the Ohio State University College of Law and served as a state representative for the 33rd Ohio House District.

Cordray lives in Grove City with his wife, Peggy, – a Professor at Capital University Law School in Columbus – and twin children Danny and Holly.