Obama Names Director of CFPB

President Barack Obama will name Richard Cordray director of the new Consumer Financial Protection Bureau, senior administration officials told The Associated Press. 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. Obama planned to announce his decision later Wednesday, during an economic event in Cordray's home state of Ohio. Cordray would take over the job later in the week, and serve for the next two years. The White House is expecting considerable criticism and perhaps a court challenge, but says Obama was left with little choice to get the consumer agency fully running after months of stalemate.