Timothy Geithner who is the Treasury secretary will convene a meeting with top regulators in finance on Tuesday to begin the launching of the Consumer Financial Protection Bureau. This new bureau has been created by the overhaul legislation of financial regulatory, signed by the President Barack Obama into last week. The bureau will regulate the financial products for consumers ranging from mortgages to credit cards. This meeting will formally serve to start the ongoing process to achieve interagency collaboration regarding the bureau stand up. It will include discussions around regulatory responsibilities’ consolidation and also about staff to improve efficiency and coordination in consumer protection according to a statement released by the Treasury department.

This meeting is likely to be attended by Ben Bernake who is the chairman of Federal Reserve, Elizabeth Duke who is the fed governor and heads of the Federal Deposit Insurance Corp, Comptroller of Currency, federal trade commission, National Credit Union Administration and office of thrift supervision. The Department of Housing and Urban Development Secretary Shaun Donovan and the Peter Orszag, the Office of Management and Budget director are also likely to attend the meeting. Although the banks have fought bitterly against it, the bureau is being considered by the Obama administration as the most critical part of the legislation. The post to head the newly created bureau is also being considered important although the timing of appointment seems to be unclear currently. The potential candidate to head the bureau includes Elizabeth Warren who is a Harvard Law Professor and also an outspoken advocate of consumer rights.