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News Now

Washington
Cheney Warren speak as she takes on CFPB role
WASHINGTON (9/20/10)--Harvard Law Professor Elizabeth Warren on Friday “enthusiastically agreed” to take on the task of setting up the government’s Consumer Financial Protection Bureau (CFPB). Warren’s official position will be Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. In a blog post on whitehouse.gov, Warren said that the CFPB is “based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal.” The CFPB is “based on the simple idea that if the playing field is level and families can see what’s going on, they will have better tools to make better choices,” she added. Credit Union National Association (CUNA) President/CEO Bill Cheney spoke to Warren on Friday. He said that CUNA looked forward to working with her as she takes on the role of ramping up the CFPB. CUNA is “particularly eager” to work with Warren as the CFPB begins its work to “consolidate and streamline consumer protection rules.” Such work will help reduce the regulatory burden “of those who have been regulated and performed well, such as credit unions,” Cheney added. The CFPB, which was created when the Dodd-Frank financial regulatory reform package was passed earlier this year, will also monitor financial markets for evidence of systemic risk.


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