It is being widely reported that President Obama will nominate former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). The CFPB is scheduled to officially open for business on July 21, 2011. Cordray has been serving as the CFPB’s assistant director for enforcement during its formative period. Elizabeth Warren, who has been building the agency and was slated to be nominated as its permanent head, endorsed Cordray’s nomination.
Expect the politicians, on each side of the aisle, to continue to play games with the appointment of the head of the CFPB. Hopefully the fledgling agency can ignore the political circus and get on with the serious business of implementing the Dodd-Frank Act in a manner that minimizes the burden for financial institutions and maximizes the benefits for consumers.