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Report: Former CFPB head Richard Cordray to soon announce run for Ohio governor

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Report: Former CFPB head Richard Cordray to soon announce run for Ohio governor

Former Consumer Financial Protection Bureau Director Richard Cordray will announce that he will enter the race for the Democratic nomination for Ohio governor no later than next week, The Dayton Daily News reported, citing three sources "speaking on condition of anonymity."

Cordray most recently ignited a leadership crisis at his former agency by naming Leandra English as his successor, despite legal ambiguity over whether President Donald Trump had the right to place an acting head at the consumer watchdog. A federal court ruled Nov. 28 that Trump's pick, Office of Management and Budget Director Mick Mulvaney, is the proper leader of the CFPB while the White House sorts through a nominee.

Cordray was the CFPB's first ever director until he announced earlier this month that he would resign. Cordray lead agency rulemaking on a number of financial issues ranging from ability-to-repay requirements to mandatory arbitration clauses. While he earned the support of consumer advocacy groups, his actions drew criticism from companies arguing that the CFPB pursued "regulation by enforcement."

He enters a crowded race in a battleground state. The Dayton Daily News reports that Dayton Mayor Nan Whaley, state Sen. Joe Schiavoni of Boardman, former state representative Connie Pillich of Cincinnati and former U.S. Rep. Betty Sutton have all declared that they are running for the Democratic nomination to be Ohio's next governor.

Cordray, who lives in Grove City, held a number of political positions in Ohio before becoming CFPB director in 2011. He served as Ohio Treasurer and Franklin County Treasurer and prior to that was a state representative for the 33rd Ohio House District.