Consumer Protection Bureau clouded in controversy before it starts

July 14, 2011 8:27:08 PM PDT
The cornerstone of the consumer protection bill that was passed by Congress last year is set to be launched in just a week, but already the Consumer Financial Protection Bureau is clouded in controversy.

Republicans think the new agency has too much power and they're trying to reign in that power in before the bureau even gets launched.

It's been so contentious that President Barack Obama hasn't even nominated a director for the agency yet. Thursday the agency's interim director Elizabeth Warren told Congress consumers should be able to get financial products that are easy to understand.

"We are opposed to complicated forms and fine print. We believe they do not help consumers and they do not work for responsible lenders who are happy to have their products compared head to head in a competitive market," said Warren.

Warren did not directly answer questions from Republicans about what products her agency might ban.