Bureau of Consumer Financial Protection

Dodd-Frank, Title X, gives equal attention to micro-level oversight of the financial industry with the establishment of the Bureau of Consumer Financial Protection (BCFP).  In a PBS interview, The Daily Show, and at the Clinton School for Public Policy, Elizabeth Warren provides a complete review of BCFP mission and goals. BCFP receives a substantial budget and funding from the FRB budget rather than from Congressional appropriations process and is among the most controversial provision in Dodd-Frank.

The 2010 mid-term elections gave the Republicans control of the House and the ability to block Dodd-Frank in the Senate led to intense efforts to repeal and delay major sections of Dood-Frank.  In often contentious Congressional hearings, Republicans questioned the BCFP independence and offered several bills to weaken BCFP regulatory oversight authority. In the Senate, Republican members of the Senate Banking Housing and Urban Affairs drafted a letter calling for major revisions in the BCFP governance structure. Additionally, 44 Republicans Senators signed a letter to President Obama stating that Republican members would not support the consideration of any nominee to be Director of the BCFP until the regulatory oversight structure is reformed.