President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to a new consumer financial protection bureau that was a central feature of the Dodd-Frank Financial Regulatory Reform bill that overhauled banking regulations.

White House and administration sources say Obama plans to announce the nomination Monday at the White House.

President Obama originally slated Elizabeth Warren, who has been assembling the Consumer Financial Protection Bureau (CFPB) as a special adviser to the White House and to Treasury Secretary Timothy Geithner, to lead the new agency.

The Progressive Change Campaign Committee collected more 350,000 petition signatures supporting Warren’s nomination.

“With her track record of standing up to Wall Street and fighting for consumers, Elizabeth Warren was the best qualified to lead this bureau that she conceived — and we imagine Richard Cordray would agree. That said, Rich Cordray has been a strong ally of Elizabeth Warren’s and we hope he will continue her legacy of holding Wall Street accountable,” said Stephanie Taylor, co-founder of the Progressive Change Campaign Committee in a July 17 email.

link to Toledo Free Press report.