WASHINGTON, Jan. 04- Consumers and small businesses achieved an important victory today with President Obama’s appointment of Richard Cordray to direct the Consumer Financial Protection Bureau (CFPB). The CFPB was created despite immense opposition from Wall Street and from many Republicans who then also blocked the process for nominating the bureau’s first director. By making a recess appointment, the President has solidly affirmed his commitment to protecting American households and small businesses from predatory and deceptive financial products and services.


