Republicans renew opposition to US consumer finance watchdog

Senate minority vows to block any and all CFPB directors, unless Congress is able to approve the agency's budget

Forty-four Republican senators, including banking committee minority leader Richard Shelby, have threatened to block anyone named as director of the new Consumer Financial Protection Bureau (CFPB) unless Congress is given more power over the agency's budget.

Set up under the Dodd-Frank Act last year, the CFPB (previously the Consumer Financial Protection Authority, or CFPA) was intended by banking committee chairman Chris Dodd to be a "strong, independent consumer protection watchdog"