This week, following the website launch, Elizabeth Warren held a conference call (sponsored by the Consumer Federation of America) where she spoke directly to a large group of pro-consumer groups, including Americans for Financial Reform. The substance of the call was largely to be expected, a big thank you to those who worked to make the CFPB real, a request for comment, especially using the CFPB website and it's modern tools for soliciting comment.There is a new bureau web site with a video. Holly Petraeus is working for Dr. Warren to protect military families from financial sharks. Dr. Warren is not afraid of speaking about the moral and religious basis of financial reform
Elizabeth Warren, who last year was tapped by President Obama to oversee the creation of the bureau, said consumer protection is rooted in religious and moral traditions. “The laws have changed, but the basic notion that lending should not be used as an instrument of advantage-taking is deeply embedded in our collective consciousness,” she wrote on the bureau’s blog prior to the meeting.And:
WASHINGTON (RNS) The architect of the Obama administration's new consumer protection bureau met with faith-based groups Tuesday (Feb. 8) in a bid to shape the agency's work as a moral crusade. "The most recent financial crisis caused many to question the moral underpinnings of our financial dealings with each other," Elizabeth Warren, a former Harvard University law professor who was appointed last year to start the new Consumer Financial Protection Bureau. "Our laws reflect who we are and they shape who we become. To pursue regulatory change without reflecting on its moral dimension would be wrong," she said.And how about this
She doesn't look much like J. Edgar Hoover but Elizabeth Warren might be reading from his playbook. Hoover quickly built the FBI into a high-profile crime-fighting agency back in the 1920s, and Warren appears to be on the same trackAnd Wall Street is nervous
The enforcement chief of the new U.S. Consumer Financial Protection Bureau said the agency plans to "immediately" use its powers to take on any misbehavior by Wall Street firms and other financial institutions once the agency officially opens in July. In his first interview since arriving at the agency last month to set up its enforcement operations, Richard Cordray suggested he will use the same aggressive approach that he was known for in his previous job as Ohio's attorney general. Last year, the 51-year-old Mr. Cordray described the foreclosure practices used by companies now under a nationwide investigation, including Wells Fargo & Co and the GMAC Mortgage unit of Ally Financial Inc., as "a business model built on fraud."
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