The Consumer Financial Protection Bureau is proposing that it examine the business of large debt collectors and to closely watch the major credit reporting bureaus. The focus would be on the larger firms. It's a good move.

President Obama bypassed the Senate and appointed Cordray as the head of the CFPB. Yet, legal challenges will likely follow.

We talk to one of our Washington reporters about what happened in the news this week.

The consumer bureau was supposed to be a key part of Congressman Frank's financial reform law, the Dodd-Frank act. He talks about his frustration with Republicans who voted to block the confirmation of a director.