The Consumer Financial Protection Bureau is scheduled to open in July. However, several Republican sponsored bills are pending that would already limit the powers and reach of the CFPB. Elizabeth Warren, a Harvard Law Professor, is being considered a candidate for the director's position, which would be eliminated under one of the proposed bills. Other consumer advocates, such as Ed Mierzwinski of U.S. PIRG, support Warren and the contention that the Bureau is being truncated before it even begins its work. Of course, any bill would need to be signed by President Obama, who introduced the consumer bureau as part of his goal to change financial regulation.
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