Sources at the White House indicate off-the-record that Elizabeth Warren will indeed be “unofficially” leading the Consumer Financial Protection Bureau. According to the NYT, the unofficial nature of her appointment will avoid a likely bruising confirmation hearing in the Senate – because heaven forbid a fierce advocate of consumers should lead an agency charged with protecting consumers.
Unsurprisingly, the financial services industry is not pleased:
But she has drawn fire from financial institutions for her persistent attacks on abusive, deceptive and unfair lending practices.
And I see their point – I mean really, if the banks and lending institutions are forced to curtail these practices, how will they continue to rake in money with which to line their own pockets? Those poor, marginalized bankers – always gettin’ the shaft from The Man.