Warren is “shrewd”
January 31, 2011 | CFPB, CFPB Nomination, Elizabeth Warren | Comments (0)According to the Seattle Times:
One example is the appointment Jan. 6 of Holly Petraeus, the wife of Gen. David Petraeus, who’s overseeing the U.S.-led war in Afghanistan, to head an office at the bureau that protects soldiers from predatory lending.
The message in hiring her to head the Office of Servicemember Affairs was clear: Oppose the agency and you’re resisting efforts to rein in abusive payday lending and other ways that unscrupulous lenders prey on the nation’s men and women in uniform.
Similarly, to neutralize concerns by the business community, a high-ranking official from the Federal Reserve’s consumer-affairs division, Leonard Chanin, was brought in to head rule-writing efforts. That means it’s highly unlikely that the new agency will trample on providers of credit with little regard to their concerns.
“We’re closing in on six months before the agency must fling its doors open to the public … and so far they’re getting high marks from us in terms of preparation,” said Travis Plunkett, who heads lobbying on financial issues for the Consumer Federation of America. “From what I can tell, they’ve laid the groundwork for bringing on a lot of people over a short period of time.”
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