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Kudos to President Obama for standing up for consumers this week and making a recess appointment of Richard Cordray to head the new Consumer Financial Protection Bureau.

Since July 21, the bureau — a centerpiece of the 2010 Wall Street Reform and Consumer Protection Act — had been up and running, but only with partial powers.

It’s the nation’s first federal financial regulator with only one job — protecting consumers — from unfair financial practices.

The president’s action also gives the bureau all its powers to protect the Iowans and the general population from unfair financial practices, whether by banks or other financial firms, such as payday lenders or credit bureaus.

Wall Street banks had convinced some senators — including our own Sen. Chuck Grassley — to block any nominee unless the bureau’s ability to protect consumers was first weakened.

Grassley’s opposition to consumer protection at the behest of powerful special interests is disappointing.

Fortunately, the president did his job so the bureau can do its job.