March 23, 2010
Consumer advocate and special Treasury Dept. Adviser Elizabeth Warren stopped by Tuesday to talk with CNBC while attending the Independent Community Bankers of America meeting in San Diego.
Many community bankers did not support the creation of the CFPB, currently overseen by Warren. Warren stated one of the CFPB’s first initiatives will work to cut down the regulatory challenges for smaller financial institutions in order to “even the playing field.” She also responded to recent censure that the CFPB is too powerful, telling CNBC that it is in fact the “most constrained of all federal agencies.”
“This agency, unlike other banking regulators, doesn’t set its own budget: That is set by the Fed (Federal Reserve),” said Warren. “This is an agency that, whatever it decides, can be overturned by a group of agencies.”
Hear more in the video below.
GOP Leader Expresses Concern over Durbin and CFPB
Ex-Treasury Secretary Barr Isn’t Looking to Lead CFPB
Elizabeth Warren’s Written Testimony for House Subcommittee on Work of CFPB
CFPB Enforcement Chief Stresses Role of Attorney Generals in Consumer Protection
Credit Card Regulation Top Priority for New CFPB Enforcement Chief
CFPB’s Elizabeth Warren Meets with Key Religious Leaders
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