President Barack Obama will meet on Monday with top U.S. regulators to discuss progress on implementing the legislation he signed a year ago overhauling the country's financial regulatory system.

The meeting is set for 2:15 p.m. EDT at the White House. The White House said that prior to that, at 1:05 p.m. EDT, Obama will formally announce his intention to nominate former Ohio Attorney General Richard Cordray as head of the new U.S. Consumer Financial Protection Bureau.

(Writing by Caren Bohan)