Categorized | CFPB, Elizabeth Warren

Warren: CFPB still has enemies in Washington

It didn’t take long for Elizabeth Warren to get back on the PR trail. Shortly before President Obama officially announced the nomination of Richard Cordray to be the first director of the CFPB, Warren took to the Huffington Post to share her thoughts about the status of the soon-to-be agency. While she tried to remain optimistic about the future of the CFPB, Warren did acknowledge the many obstacles that still stand in the Bureau’s way:

There’s lots of good news, but make no mistake: this agency still has enemies in Washington, D.C. And they have a plan.

In May, forty-four Republican Senators wrote a letter saying that they will block anyone from serving as CFPB Director. Many of them don’t like the agency or the ideas that led to its creation. They lost that fight last summer in a straight-up vote, but they say they will use a filibuster over a Director nomination to undercut the agency. Without a Director, however, the agency’s authority over payday lenders, debt collectors and other non-bank financial companies can be challenged. The Republicans say that they will permit a Director only if the agency is amended to make it less independent and less likely to act.

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