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News Summary: Obama hails OK of consumer director

The Associated Press

CONFIRMATION: President Barack Obama on Wednesday hailed Richard Cordray's long-awaited confirmation as head of the Consumer Financial Protection Bureau.

LONG BATTLE: Cordray's confirmation and his swearing in by Vice President Joe Biden culminate a drawn out fight between Obama on the one hand and the financial industry and GOP lawmakers on the other over the authority of the agency.

2010 LAW: Creation of the bureau was one of the key features of a 2010 financial regulation law. Republicans have sought to alter the agency's structure and the means by which it is financed to give Congress greater control.