Richard Cordray
Richard Adams Cordray (born May 3, 1959) is an American attorney and Democratic politician who served as the first Director of the Consumer Financial Protection Bureau from 2012 to 2017.[1][2]
Educated at Michigan State University, Oxford University, and the University of Chicago Law School, Cordray clerked for U.S. Supreme Court Justices Byron White and Anthony Kennedy before entering Ohio politics, where he represented Franklin County in the state legislature, won election as Franklin County Treasurer, and later served as Ohio State Treasurer from 2007 to 2009 and Attorney General from 2009 to 2011.[2][1][3]
Appointed CFPB Director by President Barack Obama through a recess appointment to bypass Senate confirmation—itself subject to legal challenges over constitutionality—Cordray oversaw the agency's early enforcement of Dodd-Frank consumer protections, securing billions in relief for consumers through actions against banks, payday lenders, and mortgage servicers, though critics from the financial industry and Republican lawmakers contended the bureau's structure enabled regulatory overreach insulated from congressional oversight and appropriations.[2][4][5]
After resigning from the CFPB to pursue higher office, Cordray won the Democratic nomination for Ohio governor in 2018 but lost the general election to incumbent Attorney General Mike DeWine by a margin of approximately 4 percentage points.[1][6]
From 2021 to 2024, he led the U.S. Department of Education's Office of Federal Student Aid as Chief Operating Officer, managing a portfolio exceeding $1.6 trillion in loans and spearheading debt relief efforts amid ongoing legal and implementation challenges, before stepping down in June 2024.[7][8][9]
Personal Background
Early life and education
Richard Cordray was born on May 3, 1959, in Columbus, Ohio.[10][11] He grew up in Grove City, Ohio, the middle of three sons born to Frank and Ruth Cordray.[12] His father worked for over four decades with the developmentally disabled, including as a program director at a treatment center.[13] His mother was a social worker and teacher who established Ohio's inaugural foster grandparent program pairing elderly volunteers with developmentally disabled children; she died of cancer in 1980, during Cordray's college years.[14][13][10] Cordray attended public schools in Grove City and graduated as co-valedictorian from Grove City High School.[10] For higher education, he enrolled at James Madison College within Michigan State University.[15] Cordray later received a Marshall Scholarship to study at Brasenose College, Oxford, where he obtained a Master of Arts with first-class honors.[3] He completed his legal training with a Juris Doctor from the University of Chicago Law School, serving as editor-in-chief of the University of Chicago Law Review.[16]Family and personal interests
Richard Cordray married Margaret "Peggy" Cordray, a professor at Capital University Law School, on July 11, 1992.[17] The couple has twin children, a son named Danny and a daughter named Holly.[1] They reside in Grove City, Ohio.[2] Outside of his professional career, Cordray competed as a contestant on the television game show Jeopardy! in the 1980s, winning five consecutive episodes.[18]Ohio Political Career
Service in the Ohio House of Representatives
Richard Cordray was elected to the Ohio House of Representatives in the 1990 general election, defeating six-term Republican incumbent Don Gilmore in the 33rd district, which encompassed parts of Franklin County including Grove City.[1] He assumed office on January 3, 1991, and served a single two-year term until January 6, 1993.[1] As a Democratic representative, Cordray focused on issues relevant to his suburban district, though specific legislation he sponsored during this period is not prominently documented in available records. Concurrently, he taught law courses as an adjunct professor at Ohio State University's Moritz College of Law and Georgetown University Law Center.[1] Following the 1990 census and subsequent redistricting, Cordray's district was redrawn to pair him against a 22-year incumbent, prompting him to forgo re-election. He instead pursued a congressional bid in Ohio's 15th U.S. House district in 1992, where he was unsuccessful.[1]1992 U.S. House election
Richard Cordray, a Democrat, sought election to the United States House of Representatives in Ohio's 12th congressional district in 1992, challenging incumbent Republican John Kasich.[19] The district, centered in suburban Columbus and encompassing Delaware, Fairfield, Licking, Madison, Pickaway, and parts of Franklin counties, had been redrawn following the 1990 census, but retained a Republican tilt under Kasich, who had held the seat since 1983.[20] The general election took place on November 3, 1992, coinciding with the presidential contest between Bill Clinton and George H. W. Bush. Kasich, known for his fiscal conservatism and service on the House Budget Committee, secured re-election decisively.[21]| Candidate | Party | Votes | Percentage |
|---|---|---|---|
| John Kasich (incumbent) | Republican | 170,297 | 71.2% |
| Richard Cordray | Democratic | 68,761 | 28.8% |
Positions as Ohio Solicitor General and Franklin County Treasurer
In September 1993, Richard Cordray was appointed as Ohio's first Solicitor General, a newly created position within the Ohio Attorney General's office responsible for handling appellate litigation on behalf of the state.[1] He served in this role until 1996, arguing cases before state and federal courts, including seven appearances before the United States Supreme Court—some by special invitation from the Clinton and Bush administrations to represent state interests in matters such as environmental regulation and federalism disputes.[22][23] Cordray's tenure emphasized defending Ohio's legal positions in high-stakes appeals, drawing on his prior experience as a state legislator and his clerkship for Justice Harry Blackmun, though specific case outcomes varied and reflected the adversarial nature of appellate advocacy rather than unilateral policy wins.[3] In November 2002, Cordray was elected Franklin County Treasurer, defeating incumbent Republican Wade Steen and becoming the first Democrat to hold the office in 25 years; he assumed the position on December 9, 2002, and was reelected in 2004, serving until January 8, 2007.[1][15] During his term, he oversaw county banking operations, investment portfolios, debt issuance, and financing activities, managing assets to support local government functions amid post-recession fiscal pressures.[24] In 2005, American City & County magazine named him the national County Leader of the Year for his management of these responsibilities.[25]1998 Ohio Attorney General election
In the Democratic primary for Ohio Attorney General on May 3, 1998, Richard Cordray, then serving as Franklin County Treasurer, won the nomination unopposed.[26][27] Cordray faced Republican Betty D. Montgomery, the incumbent Ohio Secretary of State, in the general election on November 3, 1998.[28] During the campaign, Cordray emphasized pursuing aggressive legal actions against large corporations, including support for class-action lawsuits targeting tobacco companies for health-related damages and Microsoft for antitrust violations, arguing such measures were essential to hold powerful entities accountable.[29] Montgomery prevailed decisively, reflecting broader Republican gains in Ohio that year amid national midterm dynamics favoring the GOP following the 1994 wave.[30]| Candidate | Party | Votes | Percentage |
|---|---|---|---|
| Betty D. Montgomery | Republican | 2,037,864 | 62.17% |
| Richard Cordray | Democratic | 1,240,102 | 37.83% |