Cordray to lead US consumer bureau

Click to follow

President Barack Obama disappointed liberals by failing to appoint Elizabeth Warren, the Harvard law professor, to run the new Consumer Financial Protection Bureau, after concluding that Congressional Republicans would block her nomination. The White House instead announced the CFPB's first director will be Richard Cordray, a former Attorney General of Ohio, who had already started work as head of the new agency's enforcement division.

Wall Street had lobbied furiously against Ms Warren's appointment.