Could Obama miss seeing a CFPB director appointment during his first-term in office? Some think that the Cordray confirmation could be drawn out for weeks, if not months.

“This situation will continue until 2013,” said Mark Calabria, a former Republican staffer on the Senate Banking Committee who is now director of financial regulation studies at the Cato Institute. “Republicans are unlikely to support anyone until all three of their changes are made. Just keeping the agency around is viewed as a major compromise.”

Calabria is referring to the structural changes that GOP leaders are calling for before they confirm anyone to lead the new consumer agency.