AP: Obama Picks Ex-Ohio AG to Lead Consumer Agency

July 17, 2011 - 10:59 AM

Obama Consumer Protection

FILE - In this Nov. 3, 2010, file photo then Ohio Attorney General Richard Cordray speaks at a Democratic election night event in Columbus, Ohio. Monday, July 18, 2011, at the White House President Barack Obama intends to nominate Cordray to head a new consumer financial protection bureau, that was a central feature of a law that overhauled banking regulations, administration sources say. (AP Photo/Mark Duncan, File)

WASHINGTON (AP) — President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to a new consumer financial protection bureau that was a central feature of a law that overhauled banking regulations.

White House and administration sources say Obama plans to announce the nomination Monday at the White House.

In choosing Cordray, Obama bypassed Elizabeth Warren, a favorite of consumer groups, who has been assembling the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner.

Cordray would have to be confirmed by the Senate. Warren, who is considered the architect of the consumer bureau, faced opposition in the Senate and would have had a difficult time wining confirmation.

Cordray now serves as director of enforcement for the agency.