By Peter Schroeder - 09/08/11 06:57 PM EDT
Warren is widely credited with the idea for a bureau devoted to protecting consumers as they shop for financial products. She was tapped by the president to set it up and serve as its public face in the year after it was created as part of the Dodd-Frank financial reform law, in 2010.
But during that time, Warren was subjected to harsh scrutiny by congressional Republicans. President Obama ultimately passed over her and tapped Cordray, one of her top deputies, for the director position.
Cordray, the former Ohio attorney general, does not have as high a profile as Warren, but faces strong opposition from Senate Republicans anyway. A filibuster-proof group of GOP senators announced in May, before Cordray was tapped for the position, that they would block any nominee to head the bureau unless several changes were made to the agency's structure.
Republicans argue the bureau as is lacks accountability and places too much power in the hands of a lone director. They want to see a board of directors run the CFPB, as well as have its budget brought under the congressional appropriations process. They also want other regulators to have stronger veto power over the bureau's rules.