The new head of the Consumer Financial Protection Bureau has begun his term following his recess appointment by President Obama. Former Ohio Attorney General Richard Cordray was installed as the bureau’s first director after Republicans refused to confirm his nomination. Kicking off his mandate, Cordray delivered a speech vowing to protect Americans from predatory lending and other unfair consumer practices.

Richard Cordray: “Consumers deserve to have someone who will stand on their side, who will protect them against fraud, and who will ensure that they’re treated fairly in the financial marketplace. The new consumer bureau was created to make sure these things are achieved for all Americans.”