The first general counsel of the Consumer Financial Protection Bureau knows that the power of his new agency might make some people nervous. But he is hoping that the industry does not rush to judgment.

The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its mission is to police consumer financial markets for unfair, deceptive, or abusive practices. “My clients just want to know what the law is,” said Alan S. Kaplinsky, Chair of Ballard Spahr’s Consumer Financial Services Group. “Everyone is in a state of limbo, and there doesn’t seem t be a light at the end of the tunnel.”