Has CFPB Become a Big Bank Bargaining Chip?

The former Consumer Financial Protection Bureau leader and now-Senator Elizabeth Warren (D-Mass.) could stand to make waves once again for the CFPB from her new position on the Senate Banking Committee. 

Calling for regulators to take action on Wall Street banks via YouTube videos garnering more than a million hits, Warren has ruffled feathers among banking and finance professionals with calls to action for wall street reforms.

“What does Warren want?” asked a Politico report Wednesday. “Cordray confirmed,” the report answered. 

…So what can bankers do in the short term to appease the first-term senator? A person close to Warren put this way to M.M.: ‘It should be obvious to anyone paying attention that the large banks would have more ground to stand on with Elizabeth if they figured out a way to get Rich Cordray confirmed finally.

“Some of the key trade associations and big banks spun up the opposition to the CFPB at the beginning and authored all the structural talking points, and they are responsible for the current stalemate in a lot of ways. … They are also now happy with Cordray’s work, and the agency is doing a lot of good for consumers. The fight over structure is settled, stale and going nowhere, and it would do everyone a lot of good if they could figure out how to bring the drama to an end, make some peace, and create long overdue certainty with Cordray’s confirmation.’

View the original report on

Written by Elizabeth Ecker

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