Consumer Protection Bureau names implementation team

The Consumer Financial Protection Bureau has announced the senior leadership team that will play a key role in establishing the brand new agency, the Treasury Department has announced.

Outgoing Ohio Attorney General Richard Cordray will head the bureau's enforcement division and will be responsible for building and preparing the enforcement team. Cordray emerged in recent months as a vocal critic of banks and has targeted foreclosure rescue scams. The former Ohio treasurer and state representative lost his bid for reelection against Republican Mike DeWine.

“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, the assistant to the president and special adviser 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.”

Leonard Chanin will help establish the rule-writing team of the CFPB, including developing initial proposals for regulatory efforts. Chanin was previously the deputy director of the Federal Reserve Board's Division of Consumer and Community Affairs and is a founding member of the American College of Consumer Financial Services Lawyers.

David Silberman will lead the implementation of the card markets division of the CFPB. He previously was general counsel and executive vice president of Kessler Financial Services, a private company. He also served deputy general counsel of the AFL-CIO when it first began the AFL-CIO credit card program and began his legal career as a law clerk for Supreme Court Justice Thurgood Marshall.

“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," Warren said.