Article
The Consumer Financial Protection Bureau: Stand-Up or Stand Off?
Banking Report (BNA)
(2011)
Abstract
Protection Act (“Dodd-Frank”) was the creation of the Consumer Financial Protection Bureau. Dodd-Frank
provides for a Director to head the Bureau, but to date, no one has been nominated for that position.
Currently, Harvard Law School Professor Elizabeth Warren informally heads the Bureau, in her capacity as
Special Advisor to the Secretary of the Treasury. She also serves as an Assistant to the President. Most of the
political and media attention in recent days has been given to the political stand-off between Prof. Warren, the
Bureau and its Congressional oversight committees, rather than to the merits of Prof. Warren's substantive
efforts to establish or “stand-up” the Bureau. Much of this controversy has focused on whether the Bureau
should or can operate without a Senate-confirmed Director, and whether the Director-less Bureau may be
exceeding its statutory powers. This issue is likely to be resolved politically, rather than by what is actually
permitted by the letter of Dodd-Frank, but a closer examination of Title X of Dodd-Frank will reveal the legal fault
lines underlying the matter and may help the reader assess its merits.
Keywords
- finance,
- consumer financial protection bureau,
- consumer protection
Disciplines
Publication Date
April 12, 2011
Citation Information
Hilary J Allen and Donald N Lamson. "The Consumer Financial Protection Bureau: Stand-Up or Stand Off?" Banking Report (BNA) Vol. 96 Iss. 15 (2011) Available at: http://works.bepress.com/hilary-allen/28/