Richard Cordray nominated for Director of the Consumer Financial Protection Bureau (8 images)

President Barack Obama annouces Richard Cordray (R) as his nominee to be the Director of the Consumer Financial Protection Bureau in the Rose Garden at the White House in Washington on July 18, 2011. UPI/Kevin Dietsch

President Barack Obama (L) Elizabeth Warren (C), Special Advisor on the Consumer Financial Protection Bureau, and Richard Cordray, Obama's nominee to be the Director of the Consumer Financial Protection Bureau, walk into the Rose Garden where Obama introduced him as him nominee, in Washington on July 18, 2011. UPI/Kevin Dietsch

President Barack Obama annouces Richard Cordray (R) as his nominee to be the Director of the Consumer Financial Protection Bureau in the Rose Garden at the White House in Washington on July 18, 2011. Obama was joined by Elizabeth Warren (C), Special Advisor on the Consumer Financial Protection Bureau, and Treasury Secretary Timothy Geithner. UPI/Kevin Dietsch

President Barack Obama annouces Richard Cordray (R) as his nominee to be the Director of the Consumer Financial Protection Bureau in the Rose Garden at the White House in Washington on July 18, 2011. The two were joined by Elizabeth Warren, Special Advisor on the Consumer Financial Protection Bureau. UPI/Kevin Dietsch