Politics

New Ad Blasts Cordray’s Tenure as CFPB Head

The Republican Governors Association Right Direction PAC released a scathing new ad on Wednesday blasting Richard Cordray's tenure as the director of the Consumer Financial Protection Bureau.

The video knocks Cordray for his reelection loss as Ohio attorney general and then going to run the CFPB in Washington, D.C. Cordray was nominated for the CFPB post by then-President Barack Obama upon the advice of his special advisor, Sen. Elizabeth Warren (D., Mass.).

"After Richard Cordray and Ted Strickland were thrown out of office, Cordray left to become a top Washington bureaucrat," the narrator says. "Cordray was supposed to protect Americans from financial crime."

"Instead Cordray secretly collected hundreds of millions of credit card accounts and mortgages," the narrator continues. "Worse, Cordray failed to protect our information, it was hacked over 200 times. Your data, compromised. Richard Cordray, just another incompetent, big government bureaucrat."

After Cordray resigned from the bureau, Office of Management and Budget Director and CFPB Acting Director Mick Mulvaney testified before Congress that the CFPB had been hacked at least 240 times and it was looking into another 800 potential cases.

The CFPB has been criticized for potentially putting Americans' financial information at risk, especially with little-allowed oversight by Congress.

Cordray is running for governor of Ohio against current Ohio Attorney General Mike DeWine (R.). DeWine defeated Cordray for the attorney general post in 2010.