President Obama congratulated the former Ohio attorney general Richard Cordray for his new position of the director of the Consumer Financial Protection Bureau (CFPB). The President referred to the fraud case where the elderly couple were charged at a large sum of money to fix their house. This is where CFPB comes in to protect consumers, he said. The CFPB already issued some measure to clarify the process of housing loan applications. The recess appointment should put an end to the lengthy delay on the side of the Congress where the Republicans opposed the nomination even if he is "well qualified" but for fear the institute having too much oversight over those financial institutes.