U.S. President Barack Obama has chosen the former attorney general of the Ohio to lead the new Consumer Financial Protection Bureau.

The White House says Mr. Obama will introduce Richard Cordray as his appointee on Monday.

In choosing Cordray, Mr. Obama bypassed Harvard University professor Elizabeth Warren, who has been working to set up the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner.

Warren is credited with developing the idea for the agency, which is tasked with protecting U.S. consumers from abusive mortgage lending practices and hidden credit card fees. She faced opposition from Republicans in the Senate, and observers say she would have had a difficult time winning confirmation.

Cordray still needs to be confirmed by the Senate. The agency will begin its work on Thursday.