The Treasury Department on Wednesday unveiled three hires for key positions in the Consumer Financial Protection Bureau, including the naming of Ohio Attorney General Richard Cordray to be its first enforcement chief.
Leonard Chanin, currently the Federal Reserve Board's deputy director of its division of consumer and community affairs, will head up the agency's rule-writing team. David Silberman, the director of the AFL-CIO's task force on labor law will head the CFPB's card markets division.
Cordray lost his reelection bid in November. He made national headlines in early October when he sued GMAC Mortgage LLC and its parent Ally Financial Inc., accusing the loan servicer of filing fraudulent documents to mislead courts in hundreds of Ohio foreclosures. (GMAC denied the charges.)
"For far too long, American families who have worked hard, played by the rules, and lived up to their financial obligations have struggled against a large, complex financial system with no cop on the beat to enforce the law," Elizabeth Warren, assistant to the president and special advisor to the Treasury secretary, said in a press release. "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. I'm also pleased to have Leonard Chanin playing a key role in building an effective and efficient rule writing team and David Silberman keeping us on the cutting edge of the trends and changes in the cards markets."
