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And the new Consumer Financial Protection Bureau just began a study of arbitration required by the Dodd-Frank Act, which also granted the bureau power to ban or regulate arbitration in consumer agreements within its jurisdiction.
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"All the bureau's power is concentrated in the hands of the director," he said.
The Republican criticism has centered on the consumer bureau's power and its leadership.
And Dodd-Frank provides checks on the bureau's power, allowing a council of financial regulators to overrule rules written by the consumer bureau.
House Republicans have begun to pass bills that would severely constrain the bureau's power to write and enforce rules and reduce and imperil its budget.
Mr. Shelby blamed the White House and congressional Democrats for not putting more checks on the bureau's power before nominating a director to lead the agency.
Senate Republicans told President Obama that they would not confirm any nominee to head the new Consumer Financial Protection Bureau unless Democrats first agreed to gut the bureau's power.
At one afternoon meeting, nearly 20 officials from such varied groups as the NAACP and the Financial Services Roundtable gathered in a conference room to discuss the limits of the bureau's power.
It would give the bureau the power to enforce regulations on large banks and nonbank lenders, in conjunction with other regulators, but would largely have to defer to other regulators in the case of smaller banks.
The decision by Judge Victor Marrero struck down 2006 revisions to the Patriot Act that expanded the bureau's power to use national security letters, and a 1986 law that first authorized such letters.
Inglis was bolstered on Thursday by the new FBI director James Comey, who said he opposed curbing the bureau's power to collect information from businesses through a non-judicial subpoena called a national security letter.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com