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Former Ohio attorney general nominated for CFPB top spot

Elizabeth Warren will not be nominated to serve as the first director of the Consumer Financial Protection Bureau. Instead, President Obama has nominated Richard Cordray, former Ohio attorney general, who currently heads up the Bureau's enforcement division.

Warren testified last week before the House Oversight and Government Reform Committee, of which Oklahoma Congressman James Lankford is a distinguished member. She responded to a bevy of inquiries about “her” strategies and plans for the Bureau, most of which are now irrelevant.

The Bureau is supposed to begin actual operations this Thursday, July 21, the so-called “transfer date.” Some of its functions – like oversight of nonbanks – will not be authorized until Cordray or someone is confirmed by the Senate. Given the current pace of developments in Washington, it's a good bet we're several weeks, if not months, months away from any confirmation.

Moreover, confirmation may be a difficult process for Cordray or any other nominee, based on what happened in May. That's when 44 Republican senators wrote to the president stating they would not vote to confirm any person nominated to serve as director of the Bureau without significant changes in the way the Bureau is currently structured. Key among those demands was converting its governance to a board of five persons as opposed to a single director.

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