U.S. Senate Republicans reached an eleventh-hour agreement with their Democratic counterparts Monday night to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), The Columbus Dispatch reports. In January 2012, President Obama appointed Cordray under a controversial recess appointment after Republicans held up his nomination in protest of the structure of the agency itself, which they thought should be "overseen by a five-member board" and subject to the congressional appropriations process (see our Jan 04, 2012, blog post for more information). The compromise was made to avoid a showdown between the two parties over filibusters, the rules for which Senate Majority Leader Harry Reid (D-Nevada) has been threatening to change due to what he describes as congressional obstruction from Republicans. By confirming Cordray, a Grove City native and former Ohio attorney general, “the Senate assured that he can remain in his post for a five-year term, and it effectively ended speculation about Cordray returning to Ohio to seek the Democratic nomination for governor in 2014,” the article said. For more, read the full story.