White House considering Richard Cordray as top Fed banking regulator – source

– U.S. President Joe Biden is considering Richard Cordray to serve as the Federal Reserve’s top banking regulator, a source familiar with the matter told Reuters on Tuesday.

Cordray, a former Ohio attorney general, served as the first director of the Consumer Financial Protection Bureau.

If nominated and confirmed by the Senate, he will succeed Randal Quarles as the Fed’s vice chairman of banking supervision, the report said.

The Wall Street Journal first reported on Cordray, citing people familiar with the matter.

(Reporting by Jeff Mason; Editing by Mark Porter)