Four Big Myths Surrounding the CFPB
Myth: CFPB has unparalleled budget authority.
Fact: While the agency can claim up to 10% of the Fed's budget for funding — a hefty sum — it's hardly an unlimited amount. The agency has a budget of $142.8 million for this fiscal year, and has requested $329 million for fiscal year 2012. (Pictured: Fed Chairman Ben Bernanke)
Four Big Myths Surrounding the CFPB
Myth: CFPB is not subject to Congressional Oversight.
Fact: Like other agency heads, CFPB's Warren can be compelled to appear before Congress and respond to questions, as she did last week before a House oversight panel.
Four Big Myths Surrounding the CFPB
Myth: CFPB has virtually unchecked authority.
Fact: Although it has just a single director like John Walsh at the OCC, CFPB can be overruled by the Financial Stability Oversight Council.
Four Big Myths Surrounding the CFPB
Myth: The CFPB is the most powerful agency to ever exist.
Fact: Most of its authority is not new, but transferred from existing agencies like the FDIC, where Sheila Bair is Chairman.