Halfway to the CFPB

Iowa PIRG Education Fund

The Consumer Financial Protection Bureau (CFPB) Implementation Team staff, led by consumer champion Elizabeth Warren, are making significant progress in their efforts to build an effective agency and be ready to perform required functions by the transfer date (July 21, 2011). Based on our analysis of several key metrics, on the date halfway between passage and startup, the CFPB Implementation Team is properly focusing on key goals and outcomes. Moreover, the high-quality of its early hires will give the CFPB the ability to significantly broaden and accelerate its activities over the next six months.

At the same time, the CFPB has some major challenges before it. It must defend itself again ongoing special interest attacks and one-sided Congressional inquiries. To achieve its full potential on the transfer date, it must have a director confirmed by the Senate who is committed to strong consumer protection. While the CFPB enabling legislation gives the Treasury Secretary authority to run the agency in the absence of a director after July 21, the confirmation of a director provides additional new powers current regulators do not have.