Financial agency faces challenges as it opens shop

The newest of federal agencies, the Consumer Financial Protection Bureau, which opens shop this week, has drawn its share of criticism in its brief existence.

Just yesterday the White House announced Richard Cordray, the fledgling agency’s enforcement chief and a former law professor who served as Ohio’s attorney general during the housing foreclosure crisis, would head the agency.

Editor-in-Chief of Government Executive Tom Shoop joined Federal News Radio to discuss the agency’s problems as well as its little-noticed successes.

In a blog post this week, Shoop described CFPB’s creation – and the political fights surrounding it – as evidence of “How Not to Set Up An Agency.”

Responding to a longer GovExec article, Shoop wrote: ‘It’s one thing to oppose creating an agency, and even to work for it to be abolished after it is created. It’s another to deliberately try to hobble an organization established by law and prevent it from doing its work competently.”

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