"That was the CFPB in 2011: docile and crippled. But many Republicans in Congress remain convinced there's a wolf under those sheep's clothes, just waiting to tear out the throat of American businesses.
They've steadfastly blocked the nomination of former Ohio Attorney General Richard Cordray to head the agency, and without a director, the CFPB's powers are severely limited. The agency can exercise the authority it inherited from seven other agencies, but it can't perform what is perhaps its most important new function under the Dodd-Frank Act: policing the murky world of nonbank lenders.
Instead, the CFPB in 2011 released reports, created task forces and made new, simplified forms for mortgage disclosures, credit cards and student financial aid. But it didn't bring a single enforcement action against a predatory lender."
http://www.law.com/jsp/nj/PubArticleNJ.jsp?id=1202536608348&et=editorial&bu=New%20Jersey%20Law%20Journal&cn=NJLJ%20Daily%20News%20Alert%3A%20December%2027%2C%202011&src=EMC-Email&pt=New%20Jersey%20Law%20Journal%20Daily%20News%20Alert&kw=ROCKY%20START%20FOR%20NEW%20FEDERAL%20CONSUMER%20AGENCY%20&slreturn=1
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