Columbus residents know of the work done by Richard Cordray on behalf of Ohio consumers. Cordray, a Columbus native, served as both Ohio treasurer and attorney general, and in both offices worked tirelessly to ensure consumers were not deceived by government or the banks that caused the financial crisis.

In his new role as director of the federal Consumer Financial Protection Bureau, Cordray wants to crack down on the industry that has left so many Americans struggling and in need of debt relief. His appointment to the post by President Obama in the face of congressional opposition will clear the way for the CFPB to work for everyday Americas.

And just this week, Cordray announced an ambitious new proposal to give his agency the power to oversee the largest debt collection and credit reporting companies in the country. The move would give federal oversight to companies that for the most part have only been subjected to a patchwork of differing state-level regulations.

The new proposal would give the CFPB oversight of the 175 largest debt collection companies, accounting for two thirds of the industry's business, and the 30 largest credit reporting companies, which covers 90 percent of that field's business.

Cordray said the effort should "help restore confidence" to consumers that the federal government is looking out for their interests. With so many Americans losing everything during the recession, it's important there is a watchdog out there to crack down on shady practices by collection agencies that have driven people further into debt.

With Cordray at the helm, the bureau could also start trying to crack down on payday lenders, check cashing businesses and student lenders.

Source: New York Times, "Collection and Credit Firms Facing Broad New Oversight," Ben Protess, Feb. 16, 2012