Obama appoints Cordray as first director of CFPB

President Barack Obama used a recess appointment to name Richard Cordray as director of the new Consumer Financial Protection Bureau. The move bypassed Republican senators who had vowed to block any nominee to lead the new agency. Cordray's appointment expands the CFPB's reach and authority. The financial industry has been closely monitoring Cordray's nomination. CBA President Richard Hunt said the nomination would lessen the regulatory discrepancies between depositories and non-bank firms such as payday lenders. "One of the few great aspects of the CFPB is that you get a level playing field between banks and non-banks," said Hunt.

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