Financial CEOs received an introductory letter from their new regulator, the Consumer Financial Protection Bureau. The CFPB formally opened for business to the chagrin of Congressional Republicans.  Yet even as conservative lawmakers continue their attack on the new regulator in attempts to undermine its authority, CFPB supporters are fighting back.

Republican criticism centers on the Bureau's power and leadership.  The House has introduced measures to cut the bureau's budget and increase Congressional oversight.  Republicans also immediately went after Richard Cordray, whom President Obama nominated to lead the CFPB.  They seek to derail his nomination.

The CFPB was a major piece of the Dodd-Frank financial regulatory law enacted last year.  While the bureau opened in 2010, it did not official receive its authority until the first anniversary of the law.  The CFPB can now write new rules for Wall Street financial institutions, examine the books of some 110 banks and issue enforcement actions.

The bureau's letter to executives outlined its plans to supervise and examine their institutions.

For further details, go to:   [Dealbook article, 7/21/11]  and [CFPB Letter to CEO's]