The White House Wednesday morning signaled its intention to make former Ohio Attorney General Richard Cordray the first director of the Consumer Financial Protection Bureau (CFPB)through a recess appointment.

Republican Senators are expected to retaliate against the move.

Senate Minority Leader Mitch McConnell was already holding up the nominations of two agency heads and the vice chairman of the Federal Deposit Insurance Corp. in anticipation of a CFPB recess appointment.

Now that the White House has made its intentions known, it's likely McConnell will refuse to let those nominations proceed.

But Senate Banking Committee Chairman Tim Johnson, D-S.D., immediately praised the anticipated nomination of Cordray, saying he is “eminently qualified for the job, as even my Senate Republican colleagues have acknowledged.”

“With Richard Cordray leading the [CFPB), Americans will finally get the consumer protections they deserve,” Sen. Johnson added.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.