CFPB criticisms are unfounded, supporters say

09/20/2013 | Los Angeles Times (tiered subscription model)

Some in the banking industry are concerned that power is concentrated in the hands of a sole director at the Consumer Financial Protection Bureau, but agency advocates say that criticism is unsupported. "They have nothing specific to complain about, so they make the same argument about everything -- that the bureau has too much power and no accountability," says Michael Barr, a former Treasury official who oversaw the White House's negotiations with Congress when the CFPB was created.

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