A House subcommittee took a look at the first 100 days of the CFPB. The Consumer Financial Protection Bureau, created by last year’s Dodd-Frank Act to protect consumer transactions, officially began work on July 21st. It assumed oversight of consumer finance regulations from other federal agencies. Raj Date, the agency’s acting head, testifed earlier today on the financial bureau’s work so far and what’s on the horizon.
Date is the acting head of the CFPB replacing Elizabeth Warren, who was responsible for preparing the new government agency to open its doors. Warren stepped down and is now running for Senate in Massachusetts. President Obama nominated Richard Cordray to replace Warren, but Republicans have opposed his nomination because of their opposition to the structure of the CFPB.