Warren: Bills Designed to Defang CFPB

As the house prepares to take up bills aimed at making changes to the Consumer Financial Protection Bureau (CFPB), Elizabeth Warren issued a statement opposing attempts by lawmakers to weaken the bureau. 

"Many in Congress have made clear their intention to defund, delay and defang the consumer agency before it can help one family," Warren said. "These bills are about preventing the CFPB from operating effectively — a dangerous game to play in light of recent lessons in the marketplace and how quickly financial threats to consumers emerge.”

The bills under consideration would seek to change the leadership from a single director to a five person commission and another to strengthen the oversight of the bureau and give the Financial Stability Oversight Council the ability to overrule CFPB regulations.  A new bill that has been drafted would also postpone the transfer of regulatory powers to the agency, currently scheduled for July 21st, until the agency has a director.

The strong statement by Warren defending the current makeup of the CFPB comes at a time when she is still widely considered the administration's top pick to be nominated as director.  Expectations are that should would face a tough confirmation process as she is viewed by some as too confrontational with the financial services industries. 

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