The Rundown:

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  • The Consumer Financial Protection Bureau begins operating on Thursday, July 21, without a permanent head.
  • There are areas it won't be able to regulate until it gets a director.
  • The NCUA is ceding some powers to the CFPB.

When the new Consumer Financial Protection Bureau begins operations on July 21 it will be a headless wonder, albeit one with lots of clout.

President Obama hadn't named a permanent director for the CFPB.

However, that won't prevent the bureau from issuing regulations and examining certain large financial institutions.

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