George Madison, the general counsel of the Treasury Department, said Thursday that the Consumer Financial Protection Bureau may go forward with proposed rules without a permanent director.

Speaking to the Women in Housing and Finance, Madison said the agency could also issue studies and request feed back without a Senate-confirmed director in place.

"I think it's likely they could go out for comment even before the transfer date," he said. "Obviously we're going to do as much as we can."

The extent of CFPB's rulewriting authority has been a source of contention for the industry as the Obama administration has failed to nominate a director. Instead, President Obama appointed Elizabeth Warren as assistant to the president and advisor to the secretary of the Treasury in charge of setting up the agency.

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