HousingWire.com reports Elizabeth Warren telling the Independent Community Bankers Association that the new Consumer Financial Protection Bureau (CFPB) will reduce regulatory costs for smaller financial institutions.  Warren, the builder of the CFPB and likely first director, said the first order of business will be to combine the Trust in Lending and Fairness Act disclosure document with the Real Estate Settlement and Procedures Act disclosure document.  “I know that you want a regulatory structure that doesn’t require an army of lawyers,” she said.  “Big banks may be able to afford to hire all those lawyers, but you cannot.”  Meanwhile, House Financial Services Committee Chairman Spencer Bachus (R-Ala), introduced legislation for a commission to run the new agency, instead of a single director, as a means to soften the CFPB’s powers.