GOP doesn't know how to rein in Elizabeth Warren's pet agency, the CFPB

The Consumer Financial Protection Bureau's enemies are still trying to find a plan of attack.

Conservatives and the financial services industry want to overhaul the agency, created with the help of Democratic Sen. Elizabeth Warren by the 2010 Dodd-Frank financial reform law to oversee financial products such as credit cards and mortgages.

The industry is chafing under the bureau's new rules, and conservatives object to the agency's design. It is not funded by Congress, but instead automatically by the Federal Reserve. And it is run by a single director, not a bipartisan commission. As a result, it has unusual ability to set rules as it sees fit, a power conservatives have decried as unconstitutional.

But, even with a unified GOP government, there is not a clear strategy about how to overcome Senate Democratic opposition to reform the bureau.

One complication is that the procedure that would allow Republicans to pass reform legislation with only 51 votes in the Senate, known as budget reconciliation, might not be suitable for legislation affecting the bureau.