Cordray puts Financial Industry on Notice

January 5, 2012 | Comments Off
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1/5/11 Richard Cordray, the newly appointed Director of the Consumer Financial Protection Bureau told the Brookings Institute today that he intends to make sure “financial institutions are playing by the rules,’’ alerting the industry that “there are real consequences’’ for violating the law. Tonight on Lawrence O’Donnell’s The Last Word, Cordray defined his new role. “People know they need a consumer watchdog to help them navigate the financial marketplace,” Cordray said, “to stand on their side, to prevent fraud and to see that people are treated fairly. That’s what we’re going to do.” President Obama named Cordray to the job yesterday in a recess appointment while the Senate holds fraudulent pro-forma sessions for the express purpose of preventing such appointments.


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