Elizabeth Warren, the administration official creating the Consumer Financial Protection Bureau, has vowed to keep congressional leaders updated on the agency's development.
In a Jan. 31 letter to Rep. Randy Neugebauer, who opposed the CFPB's creation in the Dodd-Frank Act, Warren responded to concerns the Texas Republican expressed about its organizational structure, funding, transparency and any unintended consequences stemming from its activities.
"I welcome the opportunity to keep you updated on our efforts at any time, and I hope you will call on me if I can be useful," wrote Warren, assistant to the president and special adviser to the secretary of the Treasury. "We have made every effort to be responsive, and, in some cases, to provide you more information than you have requested."
Her letter outlined structural details of the agency, its budgeting, its accountability efforts and steps taken to ensure that the CFPB does not duplicate other regulatory efforts. "We have ongoing discussions with these agencies to understand their pending regulatory activity, to help avoid potential overlapping or conflicting rulemakings, and to coordinate a smooth transition to the Bureau," she wrote.
