Consumer bureau: Now, it can do something

New powers come with new director to consumer bureau. But expect challenges as well.

WASHINGTON (CNNMoney) -- With President Obama's recess appointment of a new chief to run the consumer bureau, the agency can flex new powers regulating financial products from non-banks -- including student loan providers, debt collectors, payday lenders, and mortgage originators and servicers.

Obama on Wednesday made a recess appointment of former Ohio attorney general Richard Cordray to be the first director of the Consumer Financial Protection Bureau.

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