Treasury and Federal Reserve Inspector Generals Respond to House Republican Financial Services Comittee Questions About Roll Out of Consumer Protection Bureau.

Responding to new House Financial Services Chair Bachus (missing Barney Frank already), their joint response is HERE. 

Possible that Republicans could try delay strategy for confirming new head of Bureau to restrict implementing parts of law, citing IG's conclusion that:

In addition to the transferred functions, the Bureau has newly-established federal consumer financial regulatory authorities. The Secretary is not permitted to perform certain newly-established Bureau authorities if there is no confirmed Director by the designated transfer date. For example, if there is no Senate-confirmed Director by the designated transfer date, in general, the Secretary is not permitted to exercise the Bureau’s authority to:

prohibit unfair, deceptive, or abusive acts or practices under subtitle C in connection with consumer financial products and services;

prescribe rules and require model disclosure forms under subtitle C to ensure that the features of a consumer financial product or service are fairly, accurately, and effectively disclosed both initially and over the term of the product or service;

prescribe rules under section 1022 relating to, among other things, the filing of limited reports to the Bureau for the purpose of determining whether a nondepository institution should be supervised by the Bureau;

supervise nondepository institutions under section 1024, including the authority to (a) prescribe rules defining the scope of nondepository institutions subject to the Bureau’s supervision, (b) prescribe rules establishing recordkeeping requirements that the Bureau determines are needed to facilitate nondepository supervision, and (c) conduct examinations of nondepository institutions.

Originally created and posted on the Oregon Housing Blog.