On July 18, 2011, the Consumer Financial Protection Bureau issued a "progress report" entitled "Building the CFPB".
The Inspectors General of the Treasury Department and the Federal Reserve Board (together, the "Inspectors General") and Special Assistant to the President Elizabeth Warren respectively responded to letters from members of Congress questioning, among other things, the Consumer Financial Protection Bureau's ("Bureau") ability to operate without a Senate-confirmed Director.
The Dodd-Frank Act responded to public criticism that the federal consumer credit protection laws were not vigorously enforced by the banking regulators, by creating a new independent watchdog for that purpose housed within the Federal Reserve.
The U.S. Department of Housing and Urban Development has updated its summary of answers to frequently asked questions (FAQs) about the new Real Estate Settlement Procedures Act (RESPA) rules that went into effect at the beginning of the year.
On June 30 the Obama Administration submitted the legislative text of a 152-page act establishing the Consumer Financial Protection Agency as an independent agency in the executive branch to regulate the provision of all financial products and services to all consumers by all providers.