Warren seeks to appease CFPB’s harshest critics
Elizabeth Warren, the Harvard professor in charge of setting up the Consumer Financial Protection Bureau, recently spoke before the national Chamber of Commerce’s Capital Markets Summit, saying that while the agency will certainly enforce protective measures for consumers, it will also be able to help lenders, according to a report from The New York Times. In particular, she noted that some costly regulations on the lending industry may be lifted.
Further, she has already met with the heads of every major lender on Wall Street as part of an effort to reach out to those in the financial industry, the report said.
Some consumer advocates worry that the CFPB, which has already called for more transparent credit card terms and conditions, will not be as powerful as it was intended because it still does not have an official appointed to run it when it gains regulatory control over the lending industry.