UPDATE 2-US consumer bureau to impose new rules by January

* Bureau to have at least some regulations in place

* Warren says group working with Fed on new rules
(Adds byline and background on Warren)

By Joe Rauch

CHARLOTTE, N.C., April 11 (Reuters) – The new federal
agency charged with regulating U.S. consumer financial services
will have at least some rules in place by early 2012, according
to the White House adviser helping to set up the regulator.

Elizabeth Warren, speaking at the 2011 summit of the
National Association of Attorneys General, also said the
Consumer Financial Protection Bureau was working with the
Federal Reserve to create 34 regulations that both agencies
will oversee.

“There will be some, but not all, in place” by next
January, she said in response to a question from the audience.

The CFPB will take over much of the regulatory
responsibility from the Fed over the next year. The agency was
a key part of the financial industry reform legislation enacted
into law last summer.

Warren said the CFPB will get its rule-making authority on
July 21, when it is officially open for business.

Warren, a Harvard Law School professor, has been an
outspoken consumer advocate and is serving as an adviser to
President Barack Obama and the U.S. Treasury Department to help
set up the new agency.

She has long been considered a potential nominee to be
director of the CFPB, but she has been controversial and may
have trouble winning Senate confirmation.

The agency will police mortgages and credit cards and try
to curb predatory practices in the financial industry.
(Reporting by Joe Rauch; editing by Andre Grenon and John
Wallace)

UPDATE 2-US consumer bureau to impose new rules by January