Former Ohio AG selected as first head of Consumer Financial Protection Bureau, pending Senate confirmation.
Former Ohio attorney general already had been chosen to run new bureau's enforcement programs.
House Republicans used a July 14 hearing to accuse those setting up the new Consumer Financial Protection Bureau of not disclosing enough information and for not spelling out what financial products it plans to target for increased scrutiny.
An in-depth look at the debut of the Consumer Financial Protection Bureau is featured in the July 20 edition of Credit Union Times.
Testy exchanges focus on potential compliance costs and financial products targeted for increased scrutiny.
Inclusion under new bureau followed credit union, bank industry push.
With the Consumer Financial Protection Bureau launch about a month away, credit union executives are expecting to spend more money and time complying with myriad of new regulations.
Senate meeting this week only enough to prevent recess appointment of Warren to head of new CFPB.
Credit union trade groups are cautiously optimistic while Republicans are downright frustrated with the early moves of the new consumer bureau.
Two versions of form introduced by Elizabeth Warren in conference call, will get tested by consumers and brokers in six cities.