President Barack Obama formally nominated former Ohio Attorney General Richard Cordray to lead the new Consumer Financial Protection Bureau. The Bureau, which is charged under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 with policing consumer financial products such as credit cards and mortgages, and preventing unfair or deceptive lending practices, is to begin its work officially July 21, 2011.

Cordray currently serves as the agency's director of enforcement. He was selected for that job by Elizabeth Warren, the Harvard University law professor who conceived of the Bureau and has spent the last year as acting director, getting it up and running.

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