| July 18, 2011

Obama picks head for consumer bureau

After several months of not tabbing anyone to head the new Consumer Financial Protection Bureau, President Barack Obama has finally picked someone to lead the controversial agency.

On Sunday, former Ohio Attorney General Richard Cordray was named as Obama’s official pick to head up the new agency, which will oversee all manner of issues related to the financial services industry including the management of how firms deal with consumer credit card debt. The decision was made because of Cordray’s commitment to protecting the middle class from predatory lending practices while working as attorney general.

Cordray was picked over Elizabeth Warren, the Harvard professor originally tasked by Obama with building up the agency and setting some of its goals and is viewed by the financial industry as an “enemy.” He has also repeatedly stated that clarity is essential for all consumer agreements.

Republican lawmakers, who must confirm any appointment to the CFPB’s top office, have said they will try to delay the process as long as possible, even though the agency gains regulatory power on July 21.

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