Without the appointment, the department would probably die.
The question here is why Republicans feel American Consumers shouldn't be protected from the "Flim Flam Man"? Unless Republicans ARE the "Flim Flam Man". Remember "Jobs Jobs Jobs"? WMDs? Pure "Flim Flam". The American People have been "Flim Flammed". Obama is just trying to protect individuals. REPUBLICANS SCREAM NO! IT'S "SOCIALISM". More "Flim Flam".
Something to think about, if you can.
The way the CFPB is currently structured it does not answer to Congress at all, and it gets money by having the fed print it. That means that, when a Republican eventually gets elected president, the new director of the CFPB, appointed during a non existent recess, can unilaterally decide that banks can charge high interest rates on loans, force customers to pay late fees even if they pay on time, and all the other bad things you think the government needs to stop. Congress will not be able to do anything because Obama set it up so that the agency can ignore everyone.
The Republicans want the agency restructured so that it answers to Congress, something you should support just tp prevent the scenario I outlined above.