CM – Ex-consumer watchdog Richard Cordray managed the federal study grant

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COLUMBUS, Ohio – A former federal consumer watchdog and Democratic candidate for Ohio governor has his next Get job.

The Department of Education announced Monday that Richard Cordray has been selected as chief operating officer for federal student grants.

Cordray, 62, was previously Ohio Treasurer and Attorney General and first head of the Bureau of Consumer Financial Protection under Democratic President Barack Obama and, briefly, Republican President Donald Trump.

Cordray stepped down from his watchdog role to run for governor in 2018, a race he lost to Republican governor Mike DeWine.

In his new role, he will be responsible for managing the financial assistance programs for students approved under Title IV of the Higher Education Act of 1965, including grants, work studies and loans for college or vocational college students the department announced in a press release.

United States Secretary of Education Miguel Cardona said he was delighted with the selection of Cordray, whom he attributes « a strong track record as a dedicated civil servant who can overcome great challenges and achieve results ».

While Cordray was a director, the consumer bureau brought in enforcement actions that grossed more than $ 12 billion for 30 million Americans. As Ohio attorney general, he also made money back for retirees, investors, and business owners.

Cordray’s most recent appointment comes amid calls by some Democratic President Joe Biden supporters for full student loan forgiveness.

In March, Cardona extended the federal government’s interest rate from 0% and the repayment hiatus to not only those whose loans are held by the federal government, but also to 1.1 million borrowers who defaulted on privately held loans. These included more than 800,000 who were at risk of having their tax refunds confiscated to repay a defaulted loan.

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Ref: https://triblive.com

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