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Ohio AG to Head Enforcement at Consumer Financial Protection Bureau

The ""U.S. Department of the Treasury"":http://www.treasury.gov added three members to its senior leadership lineup for the Consumer Financial Protection Bureau (CFPB). Ohio Attorney General Richard Cordray will lead the enforcement[IMAGE]team. In addition, Federal Reserve Director Leonard Chanin will oversee the rule writing team, and former AFL-CIO Director David Silberman will head the card markets division.

Currently housed at Treasury, the CFPB will have statutory oversight of mortgage lending and the power to set new rules for home loans and other consumer-facing credit products.

""For 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,"" said Elizabeth Warren, assistant to the president and special advisor to the secretary of the Treasury on the CFPB. ""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 card markets,"" she added.

Ohio Attorney General Richard Cordray is responsible for building the enforcement team and preparing for the exercise of enforcement powers. Cordray is an advocate against foreclosure rescue scams in Ohio, and last year his office responded to a record number of consumer complaints. He has argued seven cases before the U.S. Supreme Court and served as law clerk to Justices Anthony Kennedy and Byron White. He also served as Ohio treasurer, Franklin County treasurer, Ohio state representative, and Ohio's first solicitor general.

Leonard Chanin will build the rule writing team and develop initial proposals. Currently deputy director of the Federal Reserve Board's division of consumer and community affairs, he brings two decades of experience in consumer financial services laws. Chanin is a founding member of the American College of Consumer Financial Services Lawyers. He began his legal career as an attorney in the consumer division and is a recipient of Federal Reserve Board Special Achievement Award.

David Silberman's involvement with consumer financial services began as deputy general counsel of the AFL-CIO when he created an organization to provide financial services to union members and negotiated the first AFL-CIO credit card program. Silberman served as president and CEO of Union Privilege and later director of the AFL-CIO Task Force on Labor Law. Silberman was also general counsel and EVP of Kessler Financial Services. He began his career as a law clerk to Justice Thurgood Marshall.

About Author: Heather Cernoch


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