President Barack Obama Thursday appointed two key financialregulators, naming Consumer Financial Protection Bureau Director Richard Cordrayto a full, five-year term, and nominating former federal prosecutorMary Jo White to chair the Securities and Exchange Commission.

NAFCU President/CEO Fred Becker said he appreciates Cordray'soutreach to credit unions on regulatory matters and the bureau'swillingness to hear and take into account concerns raised by thecredit union industry. Although NAFCU has advocated a five-membercommission to oversee the CFPB rather than a single administrator,the trade said it has forged a strong working relationship withCordray.

CUNA President/CEO Bill Cheney also praised Cordray'saccessibility and willingness to listen to CUNA's views on theCFPB's agenda and proposed regulations.

Mortgage Bankers Association President/CEO David H. Stevenscalled Cordray “thoughtful, balanced, open minded, accessible andcommunicative; attributes which are all critical to effectivelyleading the CFPB's mission.”

“While we do not, and likely will not, always agree on the bestapproach to the agency's rulemakings, the ability to debate anddiscuss the key elements of proposed and final rules, and to havemeaningful dialogue, remains a testament to his leadership,”Stevens said.

However, John Berlau, senior fellow for finance and access tocapital at the Competitive Enterprise Institute, blasted Cordrayand the contested unconstitutionality of his recess appointment, as well as the“unaccountable structure of the CFPB”.

The libertarian-leaning CEI fellow was more positive aboutWhite's appointment, saying she established an admirable record asa U.S. attorney and said although she is likely to take positionsconservatives and libertarians may object to, her appointment “mayresult in an SEC that is transparent and somewhat accountable.”