Elizabeth Warren Bound for Treasury Role, But What About the CFPB?

Elizabeth Warren reportedly has a new job, but it’s not director of the Consumer Financial Protection Bureau.

Instead, the Los Angeles Times reports that she is headed to the Treasury Department for a special advisor role focused around the launch of the CFPB, according to two Democratic officials familiar with the decision. Her new position does not require Senate confirmation, according to sources.

“Warren could still be nominated as the director, but the Treasury appointment will allow her to shape the formation of the agency in the coming months, a top priority of Obama, without waiting for Senate approval, the officials said late Wednesday,” the Los Angeles Times reports.

The New York Times also ran a similar report this morning, stating President Obama will announce Warren’s new position later this week. The newspaper calls the CFPB the “centerpiece” of the Wall Street financial reform legislation that the President signed in July.

Insights into how the CFPB may go about its job, and think about the problem of consumer credit, can be gleaned from an article by Warren, along with Oren Bar-Gill. Their “Making Credit Safer” summarizes the concerns with credit generally but focuses much of its attention on credit cards.

As Washington and the world wait to find out who President Obama will officially nominate to lead the CFPB, PYMNTS.com is looking for the impact of Dodd-Frank on consumer financial services (hint: It’s closer than you think). Legal expert Tom Brown shares his opinion

Also, David S. Evans examines the new economics of consumer behavior and why you need to know about it in his behavioral economics blog series.

Don’t forget to register for PYMNTS.com Deep Dive into Durbin, our live webcast coming up this Wednesday.

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