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{"id":8099,"date":"2011-03-29T04:00:53","date_gmt":"2011-03-29T09:00:53","guid":{"rendered":"http:\/\/www.occasionalplanet.org\/?p=8099"},"modified":"2013-02-01T15:20:49","modified_gmt":"2013-02-01T21:20:49","slug":"an-update-on-elizabeth-warren-and-the-cfpb","status":"publish","type":"post","link":"https:\/\/occasionalplanet.org\/2011\/03\/29\/an-update-on-elizabeth-warren-and-the-cfpb\/","title":{"rendered":"An update on Elizabeth Warren and the CFPB"},"content":{"rendered":"
On March 16, Elizabeth Warren, Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau (CFPB), testified before the Subcommittee on Financial Institutions and Consumer Credit Committee on Financial Services United States House of Representatives. The \u00a0CFPB, a new regulatory agency, is mandated under the 2010\u00a0Dodd-Frank Act<\/em> for financial reform. Warren appeared before the Committee to update them on her activities in setting up the new agency.<\/p>\n
Warren is a believer in markets\u2014 markets that are open, truly competitive, and fair to consumers. \u00a0She believes big and small financial institutions must compete on a level playing field by providing easy to understand terms and conditions, so consumers can make informed choices about mortgages, car loans, and credit cards. In other words, no more tricks and traps.<\/p>\n
If Warren has her way, with increased transparency and better communication of terms, your local community bank or credit union should be able to go toe to toe with Chase or Bank of America. Which is why community banks and credit unions are supportive of Warren\u2019s proposals and the big banks and Wall Street\u2014not so much. It is no secret that Wall Street continues to be addicted to ever increasing quarterly profits and the bonuses based on them. Needless to say, tricks and traps, and speculation through the creation of exotic financial instruments, have been highly lucrative for big banks and Wall Street. It is not clear they are ready or willing to give those up.<\/p>\n
Wall Street funds political parties and candidates in order to influence policy and legislation that is beneficial for their institutions and shareholders. Thanks to Citizen’s United, they can now spend unlimited amounts to make sure those elected do their bidding. Wall Street and bank CEOs are paying lip service to Warren’s ideas of a level playing field, transparency, and increased regulation. But, it remains to be seen what happens under a Wall Street funded Republican controlled Congress that, for a host of reasons, has no real interest in seeing Warren or the CFPB succeed.<\/p>\n