Richard Cordray

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President Obama announces in the State Dining Room of the White House in Washington on Thursday, Jan. 24, 2013, that he will nominate Mary Joe White (right) to lead the Securities and Exchange Commission (SEC) and will renominate Richard Cordray (left) to head the Consumer Financial Protection Bureau, a position he has held for the past year under a recess appointment. (AP Photo/Carolyn Kaster)

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Consumer Financial Protection Bureau Director Richard Cordray said an effort was made to hit a balance between the abuses that once made mortgages too easy to get and overly strict standards that hampered borrowers with good credit. (Associated Press)

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Richard Cordray, director of the Consumer Financial Protection Bureau, announced "the true essence of responsible lending." (Associated Press)

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**FILE** Richard Cordray, director of the Consumer Financial Protection Bureau. (Associated Press)

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"Look, in my lifetime the single thing that hurt people most was the financial crisis," Consumer Financial Protection Bureau Director Richard Cordray tells the House Committee on Oversight and Government Reform. "I think we can help head that off in the future." (Andrew Harnik/The Washington Times)

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President Obama made a recess appointment to enable Richard Cordray (behind him) to begin serving as director of the Consumer Financial Protection Bureau. Mr. Obama made three other recess appointments. (Associated Press)

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President Obama visits the new Consumer Financial Protection Bureau director Richard Cordray (right) on Jan. 6, 2012, at the CFPB's offices in Washington. (Associated Press)

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President Obama, accompanied by Richard Cordray, visits a home in Cleveland on Wednesday, Jan. 4, 2012. In a defiant display of executive power, Mr. Obama bucked Senate Republican opposition to appoint Mr. Cordray as the nation's chief consumer watchdog. (Associated Press)

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** FILE ** President Obama introduces former Ohio Attorney General Richard Cordray as his nominee as the first director of the Consumer Financial Protection Bureau on July 18, 2011 at the White House. (Associated Press)

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** FILE ** Richard Cordray, assistant director of enforcement for the Consumer Financial Protection Bureau (CFPB), listens as Treasury Secretary Timothy F. Geithner (not pictured) speaks to the media on Thursday, Dec. 1, 2011, in Washington, to encourage Congress to approve Mr. Cordray's nomination to head the CFPB. (AP Photo/Jacquelyn Martin)

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ASSOCIATED PRESS Former Ohio Attorney General Richard Cordray has been nominated to head the new Consumer Protection Bureau. But Senate Republicans say he would have too much power. Democrats, for their part, complain of political games being played in the process.

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President Obama announces the nomination of former Ohio Attorney General Richard Cordray (right) as the first director of the Consumer Financial Protection Bureau (CFPB) on Monday, July 18, 2011, in the Rose Garden of the White House in Washington. (AP Photo/Manuel Balce Ceneta)