Not going to happen
December 7, 2010 | Elizabeth Warren | Comments (0)Some people are hoping that Elizabeth Warren will run against Obama in a primary. This is delusional.
What’s wrong with talk?
December 7, 2010 | CFPB, Elizabeth Warren | Comments (1)This columnist at The Altantic wants to know why Elizabeth Warren is talking to banks.
Fee clarity
December 6, 2010 | CFPB, Elizabeth Warren | Comments (0)From the Financial Times:
Elizabeth Warren, the US administration’s consumer financial protection supremo, is working on a deal with banks that would lead to more transparent products but could spell the end of free bank accounts.
Ms Warren is seeking – through transparency rather than prohibition – to wean the industry off “hidden” fees, such as overdraft charges, which can represent up to a third of core revenues for some banks.
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If the industry chooses to resist or “pay lip service” to Ms Warren, it is unclear whether new terms will be imposed on them.
The enforcers
December 3, 2010 | CFPB, Elizabeth Warren, federal legislation | Comments (0)As this article points out, the CFPB will work closely with state attorney generals who will be enforcing much of the rules at the state level:
Ever since the foreclosure crisis went nationwide and attorneys general from all 50 states have been treated by the press as a monolithic enformecment entity (probably partly because it’s intellectually gratifying to show off that you know it’s not “attorney generals”). It’s been fun for us to think of them as this pack of trained animals that one can unleash on the financial service industry, and apparently Elizabeth Warren feels the same way.
Warren fights for bureau
December 3, 2010 | Elizabeth Warren | Comments (0)In addition to her speech yesterday to consumer advocates, Ms. Warren was on MSNBC:
“Folks have made it clear, sometimes for political reasons and sometimes for economic reasons, that they’re coming after this agency,” Warren added. “We got this agency because it was right and because there were people who stood up and said it’s time to support what the American people need and want.”
Quote of the Day
December 2, 2010 | Elizabeth Warren | Comments (0)From Elizabeth Warren:
“When was the last time you heard a friend or colleague–Republican, Democrat, libertarian, or vegetarian–complain that the Federal Aviation Administration should do less to prevent plane crashes?” she said.
Media coverage of Warren’s remarks
December 2, 2010 | CFPB, Elizabeth Warren | Comments (0)Nothing too new. I like the focus on ensuring that consumer financial products are easy to understand. From The Hill:
“No customer should be asked to take out a loan without knowing the costs and the risks of the deal, and every customer should be able to compare different financial products straight up, apples to apples,” she said. “It’s clear that over time, disclosure has become a code word for obfuscation. … Today there is much more disclosure but much less understanding.”
She envisions the bureau doing for consumer credit what the Food and Drug Administration and the Federal Aviation Administration have done for their respective areas of oversight. Those entities enjoy broad public support, and the CFPB will need a clearly articulated mission if it is to enjoy the same backing, she said.
“This is the work of agencies that enjoy widespread support because they limit the risk that consumer cannot protect on their own at the time of purchase,” she said. “If the new consumer agency does its work right, not many Americans will complain that it should do less to rein in fine print or legalese.”
“Priorities”
December 2, 2010 | CFPB, Elizabeth Warren | Comments (0)The Washington Post pumps up Elizabeth Warren’s speech to the Consumer Federation of America conference today about the priorities of the CFPB.
CFSA members will be getting a report of the conference later today.
Warren at CFA
December 1, 2010 | CFPB, Elizabeth Warren | Comments (1)The Consumer Federation of America’s annual Washington conference which begins tomorrow features Elizabeth Warren.
Warren’s power
November 19, 2010 | CFPB, Elizabeth Warren | Comments (0)Spelled out yesterday by a Treasury official. From the WSJ Washington Wire:
On Thursday, a key Treasury official said that Ms. Warren and her fledgling bureau have quite a bit of authority – including the ability to start the rule-writing process. The bureau can engage undertake studies, solicit feedback from the public “and I think even putting out proposals,” Treasury’s General Counsel George Madison said at a luncheon.
