CFPB To Have Six Divisions, Warren Says
In a Jan. 31 letter to Rep. Randy Neugebauer (R-Texas), Elizabeth Warren revealed that the current plan calls for the Consumer Financial Protection Bureau to have six primary divisions.
The divisions Warren listed are a Consumer Engagement and Education Division, a Supervision and Enforcement Division, a Research, Markets and Regulations Division, an Office of General Counsel, an External Affairs Division and an Office of Chief Operating Officer.
Warren's letter came in response to a pointed letter from Neugebauer in January.
Warren also said she expected the new agency to grow by several hundred employees over the course of the year but declined to give any budget numbers until the Obama Administration releases its budget proposals. She said the agency currently has 140 employees from the U.S. Treasury Department and other departments "detailed" to work with the CFPB.
President Obama appointed Warren to serve as White House adviser in charge of setting up the CFPB which is scheduled to start work in July. He has not yet appointed a head for the agency.