Obama Bypasses Elizabeth Warren For Consumer Bureau

President Obama is nominating former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau, which officially opens on Thursday.

Cordray is the hand-picked deputy of consumer advocate Elizabeth Warren, who created and has been leading the bureau over the past year, but whose nomination for the top job was strongly opposed by the financial industry.
Carter Dougherty reporter for Bloomberg News writes that Cordray has a record of fighting banks in Ohio, where one financial services attorney told him, "Of all the officials in the consumer agency, Cordray 'frightens me the most.'"