Consumer Financial Protection Bureau (CFPB) advisor Elizabeth Warren has said over half of the agency's budget will be earmarked for supervising and enforcing consumer protection rules.

The CFPB, which was mandated by passage of the 2010 Dodd-Frank financial reform act, will officially open for operation in July, 2011. The mission of the agency is to develop consumer protection safeguards against questionable practices from financial services companies. The CFPB will ovesee firms with over $10 billion in assets, as well as non-bank entities such as payday loan lenders, mortgage companies, student loans services, etc.

"We will build a strong enforcement arm that will -- for the first time ever -- put significant federal resources behind ensuring compliance by non-bank financial companies," Warren said. "That is why we anticipate more than half our budget will be committed to establishing supervision and meaningful enforcement. We need to make sure that the non-bank companies, and also the largest banks, follow the rules."

Warren added, "We are committed to ensuring that all providers--including community banks, credit unions, large banks, non-bank mortgage lenders, and payday lenders -- must follow the rules for offering consumer financial products."