Latest from the Wall Street Journal: 

An announcement is expected later Friday from the Treasury Department after President Barack Obama introduces Elizabeth Warren in a new White House role where she would lead the creation of the new agency. Mr. Obama and Ms. Warren are expected to make remarks at the White House at 1:30 p.m.

Treasury Department officials plan to transfer existing enforcement, examination and rule-writing powers from federal banking regulators to the new Bureau of Consumer Financial Protection by July 2011, people familiar with the matter said.