Saying that the government needs to do more to protect consumers from the army of lobbyists and lawyers working to "water down the protections and the reforms that we passed,'' President Obama has formally named former Ohio Attorney General Richard Corday to be the first director of the Consumer Financial Protection Bureau.

Cordray, who has been helping set up the agency for the past several months, was considered very active on consumer issues during his four years as Ohio's attorney general before he was defeated last November.

Cordray must be confirmed by the Senate, where some Republicans have said they won't confirm anyone unless the Obama administration agrees to structural changes in the agency.