President Barack Obama is expected to name Richard Cordray today as
director of the Consumer Financial Protection Bureau (CFPB) despite attempts to
block the appointment by Republicans.
"Today in Ohio, President Obama will announce the recess appointment of consumer watchdog Richard Cordray," White House communications director Dan Pfeiffer relayed via Twitter, reports Reuters.
Yesterday, Progress Illinois posted an op-ed from Celeste Meiffren of Illinois PIRG on the necessity for Obama to make a recess appointment of Cordray to the consumer financial protections watchdog agency. CFPB was created via the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act meant to protect consumers in financial service transactions and push back against dubious credit card and mortgage company practices. Republicans argue that the agency is overregulatory, blocking Cordray's appointment last month.