The banking industry of U. S. has been rebuffed by the Obama administration official who is into assembling of the new federal agency. This official managing credit card, mortgages and other financial products claims that the agency is quite powerful but lacks accountability.

Elizabeth Warren is also trying to pressurize the major U. S. banks to revamp their way of modifying mortgages and handling foreclosures. Warren aims in putting together the Consumer Financial Protection Bureau, and is against those Republicans according to whom she's played an inappropriate role as federal agencies and states.

On Wednesday, in front of all the members of the House Financial Services Committee, the Harvard law professor who is also known as a longtime consumer advocate tried to testify his statement.

There the top Republicans on the panel and their business allies complained against the bureau stating that it has unfettered power to clamp down on financial instruments, which should be considered quite unfair.

In this regard Warren said, "Americans are looking for an honest marketplace, today, few of us seriously believe that we have the marketplace that American families deserve".

Last summer, the law that was enacted by President Barack Obama and Congressional Democrats has been overhauled by this bureau which is a creation of the financial markets.