President Obama to Nominate New Director of Consumer Financi

July 19, 2011

President Obama will nominate former Ohio Attorney General, Richard Cordray as the new Director of Consumer Financial Protection Bureau. Corday is recognized for being a bank critic after pursuing lawsuits alongside mortgages and services.Upon the nomination, the president said, "American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet. That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation's history."The nomination will take place by 1:00 EST.