Elizabeth Warren, Assistant to President Obama & Special Adviser to the Treasury Secretary on the Consumer Financial Protection Bureau (CFPB) said she thinks the President will nominate a director for this new agency soon and added that if it was operational years ago “we won’t be in the mess we’re currently in.” She also said she’s only been offering advice to the Obama Administration involved in a formal settlement with mortgage servicers, but may participate in these discussions when the CFPB becomes operational in July.
She made these remarks today at a House oversight hearing on the Bureau’s priorities in regulating consumer credit. The Bureau is a consumer financial watchdog federal agency created by 2010 Dodd-Frank financial regulations law.
Elizabeth Warren was the chairman of Congressional TARP Oversight Panel before being appointed to this post by the President in September 2010.
West Virginia Republican Congresswoman Shelley Moore Capito, who chaired this House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing, said the new agency is too powerful and will have little accountability to Congress.