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Proposed CFPB Director Gets High Marks from Dealer Association

Richard Cordray, President Obama's nominee to head the Consumer Financial Protection Bureau, comes with a reputation as somebody who works well with business owners, including used-car dealers.

Cordray has a long history in government. He most recently served as Ohio's attorney general.


Jim Mitchell, executive director of the Ohio Independent Automobile Dealers Association, dealt with Cordray regularly.


"He was fair," Mitchell said. "That's all we can ask of any of our regulators."


Keith Whann, counsel for the National Independent Automobile Dealers Association, operates out of Ohio. He knows Cordray well.


Whann called him "a good guy" who is very bright and fair minded.


He said Cordray takes a balanced approach. He looks at what's best for both businesses and consumers.


Most importantly, Cordray is an experienced regulator.


"What you always want is uniform interpretation and a consistent approach," Whann said.


One criticism of Elizabeth Warren, who has been overseeing the Bureau's ramp up, is her lack of management experience. The new agency's learning curve becomes flatter with Cordray at the helm.


"He's used to running an office with hundreds of lawyers dealing with all sorts of business," Whann said.


The other criticism of Warren is she's too idealistic.


"She may have good ideas, but she was far too polarizing to get anything accomplished," said attorney Michael Benoit.


Cordray is already getting criticized by both the left wing of the Democratic Party, as well as the right wing of the Republican Party.


"If both parties don't like him, that's good," Whann said.