Due Diligence

Warren to Banks: Watch Out

In a letter on the White House blog, Elizabeth Warren, who has been selected by President Obama to oversee the consumer protection agency, said she wants to eliminate confusing fine print in financial statements. "The new consumer bureau is based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal," she continues. "They shouldn’t learn about an unfair rule or practice only when it bites them—way too late for them to do anything about it."

Warren, who grew up poor in Oklahoma and came up with the idea for the agency, is a Harvard law professor who specializes in credit and bankruptcy. Obama is expected to announce this week that she will serve as an Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau.

A straight shooter who speaks plainly and matter of factly about protecting American consumers without getting hyperbolic, Warren is an appealing choice for the role. Before she became a strong champion of consumers, she believed that most lower-income consumers were to blame for their own financial problems. Until she did her own research.

Read more: http://www.businessinsider.com/elizabeth-warren-announcement-cfpb-2010-9#ixzz0zo2A0s6t

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