President Obama announced today the recent appointment Richard Cordray as director of the Consumer Financial Protection Bureau(CFPB). Mr. Cordray was a former Ohio attorney general, who worked with Elizabeth Warren to design the CFPB, an agency created as part of the Dodd-Frank Wall Street financial reform bill.Cordray would take over the job later in the week and stand to serve for at least the next two years, covering the length of the Senate's session.

With a director in place, the new Consumer Financial Protection Bureau will be able to start overseeing the mortgage companies, payday lenders, debt collectors and other financial companies often blamed for practices that helped tank the economy.