By Peter Schroeder - 12/20/10 06:44 PM EST
Although some recent hires by the CFPB have garnered attention, those brought on board are currently part of the implementation team, and no hires at top positions within the actual bureau have been made yet, according to the officials. The CFPB announced several members of its senior leadership team for implementation on Dec. 15, including outgoing Ohio Attorney General Richard Cordray, who is leading implementation in enforcement.
The bureau, created as part of Dodd-Frank, will focus on protecting consumers in financial transactions. Elizabeth Warren, who is overseeing the establishment of the bureau as assistant to the president and special adviser to the Treasury secretary, has said she wants the bureau to fundamentally remake the consumer credit system, dramatically simplifying it.
Under a draft skeleton plan for the new bureau, six separate branches would report to the director of the CFPB, who would be appointed by the president.
The bureau will likely include branches devoted to Education and Engagement and Supervision and Enforcement. The associate director of the education branch will likely play a key role in the bureau going forward, as protecting consumers via better financial education will be a major public effort of the bureau, the officials said.
Under the education branch, there will be specific teams devoted to financial education and consumer experience, as well as ones targeting certain populations, like older Americans, service members, students and the underserved.
In the enforcement branch, the CFPB will have separate teams supervising large banks and non-bank financial institutions. However, the officials noted that having those two teams operating under the same associate director will require them to work together. The enforcement branch will also have a devoted enforcement team, and one focused on fair lending practices.
The remaining branches will cover operations for the bureau, legal matters and external affairs.
The organization chart also indicates that the CFPB might have a team devoted to dealing with state attorneys general, under the external affairs branch.
This post was updated at 3:15 pm.