Tagged: Richard Cordray

President Obama's choice to head the Securities and Exchange Commission has prosecuted terrorists and mobsters. If she's confirmed, Mary Jo White's next challenge will be tackling reckless behavior on Wall Street.

Mary Jo White, a former U.S. attorney in New York who prosecuted terrorists responsible for the bombings of the World Trade Center and U.S. embassies in Africa, will be nominated by President Obama to head the Securities and Exchange Commission.

The Consumer Financial Protection Bureau says it's looking to overhaul rules on overdraft fees. The new agency will be seeking data from banks about how they handle overdrawn accounts, and how they assess fees. The agency plans to use this information to help consumers limit their exposure to these costly charges.

The CFPB estimates that last year, banks made between $15 billion and $22 billion from overdraft fees.

President Obama acted within his legal authority to appoint Richard Cordray to lead the National Consumer Protection Bureau last week, during a period when the Senate was conducting "pro forma" holiday sessions, according to a memo released this morning by a key unit of the Justice Department.