Elizabeth Warren struck back at the Consumer Financial Protection Bureau’s opponents in a March 24 interview with Bloomberg News, stating that lawmakers should be focused on regulation of Wall Street “behemoths” instead of the fledgling government agency.
“If we’re going to go out there and spill ink on accountability, we should also ask about how to hold powerful financial institutions accountable,” Warren said in the interview. “The idea that we should be worried that some agency that will speak up for consumers might get a little too loud is looking in the wrong direction.”
Many members of the GOP party in particular have expressed concern over the bureau’s budget, the potential nominees for its director and the extent to which the organization is subjected to congressional oversight.
Rep. Patrick McHenry (R-NC) has asserted that Warren’s role as special adviser to the Treasury Department helping to set up the CFPB “injects politics into what is supposed to be an impartial regulator,” according to Bloomberg.
Click here to read more of Warren’s interview with Bloomberg.
The Durbin Chickens Start Coming Home to Roost
Sen. Corker “Shocked” That Durbin Passed in Reform Bill
Fed Vows to Help Small Banks Avoid Repercussion from New Debit Rules
Fed Chairman’s ICBA Convention Speech: “Community Banking in a Period of Recovery and Change”
Regulations’ Latest Victim: Chase Cancels Debit Rewards
Wells Fargo CEO: Debit Interchange Caps ‘Make No Sense’
NAACP Concerned About New Debit Card Regulations
Durbin Statement on Efforts to Delay Implementation of New Interchange Fee Law
Banks Institute New ATM Fees in Response to Durbin
Bipartisan Senate Bill Filed to Delay Durbin and Study the Impact of Debit Regulation
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More