President Barack Obama has selected Richard Cordray, formerly attorney general for the state of Ohio, as the first director of the Consumer Financial Protection Bureau. White House officials have decided that Elizabeth Warren, the Harvard professor who was tapped to establish the CFPB, was not likely to be confirmed by the Senate, sources said. The banking industry is withholding judgment on Cordray's pending nomination as many support structural changes to the new agency. "As we have stated repeatedly, we would prefer to see the bureau run by a commission like the FDIC, the FTC, the SEC, and even the Consumer Product Safety Commission," said CBA President Richard Hunt. Read the full CBA statement.
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