Official defends new consumer bureau against GOP

Elizabeth Warren, who is putting together the Consumer Financial Protection Bureau, is also giving little ground against Republicans who say she's played an inappropriate role as federal agencies and states try pressuring big U.S. banks to overhaul how they modify mortgages and handle foreclosures.

[Bachus] and other Republicans have complained that Congress doesn't control the bureau's budget, that it will be headed by a director and not a bipartisan commission, and that it has strong leeway to decide which financial products it will curb.