Richard Cordray facts for kids

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Quick facts for kids Richard Cordray
Cordray in 2021

Chief Operating Officer of Federal Student Aid
In office May 3, 2021 – July 2024
President	Joe Biden
Preceded by	Mark Brown
Succeeded by	Denise Carter (acting)
1st Director of the Consumer Financial Protection Bureau
In office January 4, 2012 – November 24, 2017
President	Barack Obama Donald Trump
Deputy	Steve Antonakes Meredith Fuchs (acting) David Silberman (acting) Leandra English
Preceded by	Raj Date (special advisor)
Succeeded by	Kathy Kraninger
49th Attorney General of Ohio
In office January 8, 2009 – January 10, 2011
Governor	Ted Strickland
Preceded by	Nancy H. Rogers
Succeeded by	Mike DeWine
Treasurer of Ohio
In office January 8, 2007 – January 7, 2009
Governor	Ted Strickland
Preceded by	Jennette Bradley
Succeeded by	Kevin Boyce
Treasurer of Franklin County
In office December 9, 2002 – January 8, 2007
Preceded by	Wade Steen
Succeeded by	Ed Leonard
1st Solicitor General of Ohio
In office September 19, 1993 – January 6, 1995
Governor	George Voinovich
Preceded by	Position established
Succeeded by	Jeffrey Sutton
Member of the Ohio House of Representatives from the 33rd district
In office January 7, 1991 – December 31, 1992
Preceded by	Don Gilmore
Succeeded by	Priscilla Mead

Personal details
Born	Richard Adams Cordray (1959-05-03) May 3, 1959 (age 66) Columbus, Ohio, U.S.
Political party	Democratic
Spouse	Peggy Cordray (m. 1992)
Children	2
Education	Michigan State University (BA) Brasenose College, Oxford (MA) University of Chicago (JD)

Richard Adams Cordray (born May 3, 1959) is an American lawyer and politician. From 2021 to 2024, he was the Chief Operating Officer of Federal Student Aid in the United States Department of Education. Before that, he was the first director of the Consumer Financial Protection Bureau (CFPB) from 2012 to 2017. Cordray also served in several important roles in Ohio, including Attorney General, Solicitor General, and Treasurer. He was the Democratic candidate for governor of Ohio in 2018.

Cordray grew up near Columbus, Ohio. He went to Michigan State University, then studied at Brasenose College, Oxford as a Marshall Scholar. He later attended the University of Chicago Law School. In 1987, he became a five-time champion on the TV show Jeopardy!.

Cordray was elected to the Ohio House of Representatives in 1990. He later ran for the United States House of Representatives in 1992 but was not elected. The next year, he became the first Solicitor General of Ohio, arguing six cases before the Supreme Court of the United States. After leaving this role, he ran for Ohio Attorney General in 1998 and the United States Senate in 2000, but lost both elections. He was elected Franklin County Treasurer in 2002 and then Ohio State Treasurer in 2006.

In 2008, Cordray was elected Ohio Attorney General. He lost his reelection bid in 2010. In 2011, he became Director of the CFPB and was confirmed by the Senate in 2013. Cordray left the CFPB in 2017 to run for governor of Ohio again, losing to Mike DeWine. In 2021, he was appointed to lead Federal Student Aid, where he helped millions of Americans with student loan forgiveness.

Early Life and Education

Cordray was born in Columbus, Ohio, on May 3, 1959. He grew up in Grove City, Ohio, and went to public schools there. At Grove City High School, he was a champion on a high school quiz show and worked at McDonald's. He graduated in 1977 as one of the top students in his class.

Cordray interned for United States Senator John Glenn while studying at Michigan State University. He graduated with high honors in 1981. As a Marshall Scholar, he earned a Master of Arts degree from Brasenose College, Oxford. He also played on the Oxford University Men's Basketball Team. He earned his law degree with honors from the University of Chicago Law School in 1986.

Early Career in Law and Politics

After law school, Cordray worked as a law clerk for important judges, including Judge Robert Bork and Justices Byron White and Anthony Kennedy of the Supreme Court of the United States. After this, he joined a law firm in Cleveland. From 1989 to at least 2000, he also taught law courses at universities.

Serving in the Ohio House

In 1990, Cordray successfully ran for a seat in the Ohio House of Representatives. He won against a long-time Republican lawmaker. Due to changes in district boundaries, he decided not to run for reelection in 1992.

Running for U.S. Congress

In 1992, Cordray ran for a seat in the United States House of Representatives. He won the Democratic nomination but lost the general election in a close three-way race.

Ohio's First Solicitor General

In 1993, the state of Ohio created a new position: the state solicitor general. This person handles the state's important appeals cases, especially those argued before the Ohio Supreme Court and the United States Supreme Court. Cordray was the first person appointed to this role. He argued several cases before the U.S. Supreme Court, including one about whether media could ride along with police during searches. He left this position in 1994.

Running for Statewide Office

After leaving his solicitor general role, Cordray worked in private law practice. He ran for Ohio Attorney General in 1998 but was defeated. In 2000, he ran for the United States Senate but did not win the Democratic nomination.

Franklin County Treasurer

In 2002, Cordray was elected Treasurer for Franklin County. He was the first Democrat to hold this position in many years. He was reelected in 2004. As county treasurer, he managed a large amount of money and worked to collect unpaid taxes. He also focused on teaching people about personal finance. In 2005, he was named the national County Leader of the Year by a magazine.

Later Career in Public Service

Ohio State Treasurer

In 2006, Cordray was elected Ohio State Treasurer. In this role, he managed the state's money. He took office during a time when Ohio was working to rebuild public trust in its government.

Ohio Attorney General

Election in 2008

Cordray campaigning for Barack Obama in October 2008 in Columbus, Ohio

In 2008, Cordray ran for Ohio Attorney General. This position became open unexpectedly. He won the election with 57% of the vote.

Key Actions as Attorney General

As Ohio Attorney General, Cordray took on important cases. For example, in 2009, he filed a lawsuit against Bank of America Corporation on behalf of Ohio's public employee pension funds. The lawsuit claimed that Bank of America had hidden financial problems of Merrill Lynch before buying the company. He also reached a large settlement of $1 billion in 2010 with American International Group (AIG) in a case about unfair business practices. This money was given to 26 Ohio universities, cities, and schools.

2010 Election

On November 2, 2010, Cordray lost his bid for reelection as Attorney General to Mike DeWine.

Leading the Consumer Financial Protection Bureau (2012–2017)

President Barack Obama announces the nomination of Cordray as the first director of the Consumer Financial Protection Bureau on July 18, 2011

In 2011, Richard Cordray was chosen to lead the new United States Consumer Financial Protection Bureau (CFPB). This agency was created to protect consumers in the financial marketplace. His nomination faced challenges in the Senate, but President Obama appointed him in January 2012. He was later confirmed by the Senate in July 2013.

During his time as director, the CFPB grew to have 1,600 employees. Cordray testified before Congress over 40 times. The CFPB created new rules for mortgage lending, which helped stabilize markets after the 2008 financial crisis. The agency also made changes to the credit card market, reducing hidden fees and making costs clearer for consumers. It issued large fines to banks and helped return nearly $12 billion to 29 million consumers.

Cordray resigned from the CFPB in November 2017.

2018 Ohio Governor Election

On December 5, 2017, Cordray announced he would run for governor of Ohio in the 2018 election. He won the Democratic primary but lost the general election to Republican Mike DeWine.

Chief Operating Officer of Federal Student Aid (2021-2024)

On May 3, 2021, Cordray was appointed Chief Operating Officer of Federal Student Aid (FSA) within the Department of Education. In this role, he led an agency that helps over 10 million students access higher education each year through grants, loans, and work-study funds. FSA also manages $1.6 trillion in student loan debt for 45 million borrowers.

During his time at FSA, Cordray oversaw improvements to loan forgiveness programs. This resulted in canceling $127 billion in student loan debt for 3.6 million families.

Student Loan Repayment and Forgiveness

A pause on federal student loan payments, which began in March 2020 due to the COVID-19 pandemic, ended on September 30, 2023. FSA put in place measures to help borrowers during this change.

FSA also worked to improve various loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Borrower Defense to Repayment. At the start of the Biden administration, only a small number of public servants had received forgiveness through PSLF. By the end of Cordray’s time, FSA had canceled $175 billion in student loan debt for 4.8 million Americans through various programs.

FAFSA Overhaul and Challenges

A new version of the Free Application for Federal Student Aid (FAFSA) was released on December 30, 2023. This new form was designed to be shorter and simpler. However, its launch faced many problems, causing major delays for students applying to college. The form was released later than usual and had technical issues. Colleges also received student information late, and many forms had errors.

On April 26, 2024, Cordray announced he would leave his role at FSA in July 2024.

Personal Life

On July 11, 1992, Cordray married Margaret "Peggy" Cordray, who is a law professor. They have twins, a daughter and a son, and live near Grove City, Ohio. Cordray's father worked with people with intellectual disabilities, and his mother, who passed away in 1980, was a social worker and teacher. In 1996, Richard Cordray carried the Olympic Flame through Findlay, Ohio, as part of the torch relay to the 1996 Summer Olympics in Atlanta, Georgia. In 2020, Cordray wrote a book called Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy, about his time leading the CFPB.

Appearances on Jeopardy!

Cordray is famous for being an undefeated five-time champion on the TV quiz show Jeopardy! in 1987. He won $45,303, which he used to pay off law school debt, pay taxes, and buy a used car. He also competed in the Battle of the Decades tournament in 2014, finishing second. Because he was a federal employee at the time, he did not accept the prize money from that appearance.