4/7/2011

House Republicans, with the support of much of the financial industry, outlined several legislative measures that would delay or water down the authority of the Consumer Financial Protection Bureau, which is set to officially launch in July. At a House Financial Services subcommittee meeting, the banking industry emphasized its concerns about the lack of a director at the CFPB. "The absence of an appointed director, confirmed by the Senate, is a major concern to our members," said Richard Hunt, president of the Consumer Bankers Association. "We urge the appointment and confirmation of someone with a comprehensive understanding of the banking industry and consumer financial services regulation, as well as the management skills and experience needed to lead a $500 million federal agency."

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