Obama has announced that Elizabeth Warren will be named to a special post at Treasury tasked with building the Consumer Financial Protection Bureau, an agency put into law by Dodd-Frank that was originally her brainchild.

The news was officially broken by ABC's Jake Tapper.

Technically, Obama isn't naming her to be the bureau's first chief, but rather a similar quasi-role while the bureau is built up. He can them name her the permanent chief sometime down the road.

This is a kind of a cop out, though it seems that a nomination battle was going to be difficult, given how extensively she's opposed by both Wall Street and community banks, fearful of the loss of fee revenue they may derive.

So, kind of a win for her advocates, but also kind of a letdown, in that it's possible she'll be de-fanged in the role.