(Reuters) – The much vaunted and feared Consumer Financial Protection Bureau officially opens for business next week.

When it does, it will most likely have a laundry list of consumer issues to manage, a smaller budget than it asked for, and an empty chair where its director should sit.

Welcome to Washington, CFPB!

Consumer advocates nonetheless applaud the new agency as an important step. “Consumers shopping for a mortgage or credit card or using other financial products now have a watchdog in Washington to help make sure they get a fair deal instead of a financial headache,” said Pamela Banks, senior policy counsel for Consumers Union.

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