Director or not, the CFPB will be up and running come July 21st.

On July 21, the bureau will formally open its doors and will be able to send its examiners into Goldman Sachs, JPMorgan Chase and other financial titans — whether or not it has a director. It can also issue new rules for big banks, examine their books and file enforcement actions, all crucial steps for an agency that was born only a year ago.

“They have almost unlimited ability to go after the banks on consumer issues,” said Jaret Seiberg, a policy analyst at MF Global. “They’re saying, ‘We’re the new sheriff in town.’ ”

Seiberg goes on to say that Bureau’s powers will be “muted” and that it will lack the weight in needs (meaning a director) to oversee some less regulated corners of the finance industry. We’re not too sure we agree with “less regulated.”

Our industry operates currently in 32 states and CFSA is working to be regulated on all 50 states. While the industry does not want to be regulated out of business (as industry critics would like), it has always supported responsible and balanced regulations that protect consumers, while preserving their right to financial options and access to credit.

Over the past decade, most states have created or maintained a regulatory environment that satisfies the robust consumer demand for small dollar, short-term loans. Working with CFSA, state policymakers have balanced the interests of the industry with substantive consumer protections that ensure responsible and informed use of the product. As a result, millions of satisfied consumers have enjoyed the convenience and economic benefits of payday advance services without complaint. In fact, a 2009 analysis of consumers’ use of payday loans found that 88 percent were satisfied with their last loan.

Of course … down at the bottom of the article, Steven Schlein, CFSA’s spokesperson said this:

“We are not participating in the politics of this … We want to see the Bureau staffed with qualified people who will take the short-term lending industry and needs of consumers seriously.”