One day after his appointment as the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray sent a clear signal that he intends to move aggressively to enforce the agency's expanded authority.

The former Ohio attorney general announced the launch of the agency's nonbank supervisory program, defended his controversial appointment, promised that the CFPB was already working on significant enforcement actions, and pledged it would not be cowed by the threat of legal challenges.

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