Ohio AG Cordray To Lead U.S. Consumer Agency Enforcement

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A U.S. Treasury spokesman confirmed on Wednesday that Ohio Attorney General Richard Cordray has been tapped to lead the enforcement arm of the new federal Consumer Finance Protection Bureau.
     
Democrat Cordray lost his bid for re-election to former U.S. Sen. Mike DeWine in a sweep of state offices by Republicans last month.
     
Elizabeth Warren is the special assistant to President Barack Obama overseeing the creation of the new bureau. She chose Ohio as her first stop outside Washington to discuss the initiative in October.
     
The new consumer agency will rewrite the rules for everyday financial products such as credit cards and mortgages. It's a cornerstone of the Obama administration's overhaul of the financial industry.

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