Obama Uses Recess Appointment to Name Cordray to Head CFPB – Melanie Waddell (AdvisorOne)
January 4, 2012

“President Barack Obama on Wednesday named Richard Cordray through a recess appointment as the director of the Consumer Financial Protection Bureau, a move that Senate Republicans cried is unconstitutional. …Lisa Donner, executive director of Americans for Financial Reform, said in a statement after Obama’s recess appointment that ‘consumers won today when President Obama defied Wall Street interests to make a recess appointment’ of Cordray. Obama, she said, ‘stood with consumers and families in making this crucial decision.’ Now that the CFPB has a director, Donner went on to say, the CFPB ‘finally has its full authority to protect consumers everywhere in the financial marketplace, from a Wall Street bank to a payday lender or from a mortgage company to a credit bureau or anywhere else.’” Click here for more.