The White House considers Richard Cordray to be the top Fed banking regulator

President Biden is considering Richard Cordray, the first director of the Consumer Financial Protection Bureau, to act as the Federal Reserve’s chief banker, according to people familiar with the matter.

If Mr. Cordray is nominated and confirmed by the Senate, he will be the government’s most influential supervisor of the US banking system, succeeding Randal Quarles as the Fed’s vice president of banking supervision.