No, we don’t hate Elizabeth Warren. But apparently it’s a list-kinda-reporting day and this Reuters article says there’s five reasons why banks do. And it’s not cause they don’t like the way she dresses.

Weak consumer regulation was the norm, but banks love the status quo

… “The CFPB will be the first regulator in American history that didn’t answer to the banks, but to their customers.”

Mortgage abuses were rampant

… “Somebody fell asleep on their watch in Washington like Rip Van Winkle. A consumer financial bureau would keep an eye on an industry that’s operated in darkness for too long.”

Credit abuses are rampant

“… My one errant transaction could lock in a short-term profit for the bank that would easily rival the near-20 percent margins from industries like pharmaceuticals, Internet services and network equipment. I’m all for profits, but I can get a better deal from Louis the loan shark. A consumer bureau might be able to rein in these practices.”

Junk fees are abundant

… “The CFPB already is working to simplify this morass of incomprehensible forms and even wants your opinion on new proposed versions.”

Making simple math simple again

… “Do you know what a LIBOR index is and “lifetime maximum rates?” The banks don’t want you to know this because this is how much your monthly payment can climb based on a variable index. If the index goes up, so does your payment.”