House Republicans used a committee hearing Thursday to accuse those setting up the new Consumer Financial Protection Bureau of not disclosing enough information and for not spelling out what financial products it plans to target for increased scrutiny.

"At the core of our mandate is the prevention of waste, fraud and abuse in the federal bureaucracy, and there is no question that improved efforts to combat deceptive practices in the financial sector are needed. Neither is there a reason why the administration should avoid a candid, transparent account to Congress about its policy and practices in this regard," said House Oversight & Government Reform Committee Chairman Darrell Issa (R-Calif.).

Elizabeth Warren, who has been leading the set up of the CFPB, which begins operation next Thursday, said her staff has been responsive to inquiries and the bureau will be transparent about its finances and its contacts with individuals.