Today, President Obama formally announced his nomination of Richard Cordray as the first Director of the Consumer Financial Protection Bureau (CFPB).
Cordray’s nomination comes as a surprise for those expecting Elizabeth Warren, the acting director of the agency and special adviser to President Obama, to officially take on the position. Warren, however, has attracted much Republican criticism for her strong consumer activist opinions, and her nomination would likely have met controversy. Cordray, on the other hand, as Ohio Attorney General and current CFPB Director of Enforcement, is lesser known and less controversial. (more…)