Growing Pains: The Consumer Bureau's First Year
July 18, 2011 11:00 PM
Growing Pains: The Consumer Bureau's First Year
With the appointment of the bureau's director a political hot-potato following passage of Dodd-Frank, the White House tapped Elizabeth Warren, who conceived of the consumer regulator, not to be the formal director but instead to advise the administration on the agency’s construction. (Photo: Bloomberg News)
Growing Pains: The Consumer Bureau's First Year
Throughout the year, bankers and Republicans kept up attacks on the bureau's authorities granted by Dodd-Frank. In May, 44 senators, including Banking Committee ranking member Richard Shelby, promised to oppose any nominee for director without structural reforms to the agency. (Photo: Bloomberg News)
Growing Pains: The Consumer Bureau's First Year
The consumer bureau did not wait for an agency head to be nominated to fill other staff positions necessary for the July 21 launch date. Among the more high-profile hires was that of Raj Date, a former banker and now associate director at the bureau for research, markets and regulation. (Photo: Bloomberg News)
Growing Pains: The Consumer Bureau's First Year
While certain bureau activities are barred until a confirmed director is in place, the new regulator — with Elizabeth Warren as de facto leader — was still active in its first year, seeking comment on among other things its bank supervision program and model mortgage disclosures. Warren also advised state and federal officials involved in servicer settlement talks. (Photo: Bloomberg News)
Growing Pains: The Consumer Bureau's First Year
In the end, it was bureau enforcement director Richard Cordray — not Elizabeth Warren — nominated by the White House to lead the new regulator. Cordray, a former Ohio attorney general, is seen as perhaps more aggressive than Warren in his approach to protecting consumers from financial harm. Speculation has grown that Warren could make a run for the Senate. (Photo: Bloomberg News)
