WASHINGTON — In a defiant display of executive power, President Barack Obama today will buck GOP opposition and name Richard Cordray as the nation’s chief consumer watchdog even though the Senate contends the move is inappropriate, senior administration officials said.

With a director in place, the new Consumer Financial Protection Bureau will be able to start overseeing the mortgage companies, payday lenders, debt collectors and other financial companies often blamed for practices that helped tank the economy.

Obama’s decision to make a recess appointment is certain to cause an uproar from Capitol Hill to Wall Street. He is essentially declaring the Senate’s short off-and-on legislative sessions a sham intended to block his appointments.

The White House is expecting considerable criticism and perhaps a court challenge, but says Obama was left with little choice to get the consumer agency fully running after months of stalemate.

Obama planned to announce his decision later today in Cordray’s home state of Ohio, with Cordray with him.

Cordray will serve for at least the next two years, covering the length of the Senate’s session.