Update (2:17 p.m. EST): Obama's address to the bureau was pretty limited, consisting mostly of an introduction of the new chief and a nod to Friday's job's report, which he said showed the economy was "moving in the right direction," the Washington Post reports. He didn't mention the controversial recess appointment by which he circumvented Senate objections to appoint Cordray. Instead, the Post reports, he tied in the good jobs news with the bureau's mission, saying "We have a responsibility to do even more to try to recover from the devastating recession and financial crisis,” and that “we must make sure the economy we’re building is one where a middle-class family can be sure to move ahead again."

After his controversial recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau, Barack Obama is due to address the bureau at 11:40 a.m. Friday (though he's a little late). Republicans have criticized the appointment as unconstitutional, but others have seen it as a bold move in the face of stubborn opposition. We expect the president to defend his decision in his remarks, and probably give Friday's good job news a nod as well. Watch it here live.