WASHINGTON—No issue at this year's GAC was more polarizing than the new Consumer Financial Protection Bureau. Speakers, particularly politicians, were either completely against it or completely for it, depending upon which party they represented.

Rep. Jeb Hensarling (R-Texas) told a Wednesday morning general session crowd that rarely has an agency had so much potential to harm individual liberties. Not only was the appointment of Director Richard Cordray, done without Senate confirmation, "unlawful and unconstitutional," the bureau will apply subjective judgment in declaring legal activities to be fraudulent. 

Credit union ally Rep. Ed Royce (R-Calif.) also had harsh words for the CFPB, saying economists quoted in national press have said the agency will increase the cost of credit for consumers. Additionally, the agency has "large, vague and undefined goals" and will operate under almost complete authority of Director Cordray. Royce said he wants the new bureau to instead be run by a board, as both Elizabeth Warren and Treasury Secretary Tim Geitner originally proposed.