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Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

By Matt Cantor, Newser Staff

Posted Mar 15, 2011 9:52 AM CDT

(Newser) – Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’re warming to her, reports the Wall Street Journal. “She's been listening to us, and we're not used to regulators listening to us,” notes one banker.

She’s backed, for example, an idea from an organization representing America’s biggest banks: the goal should not be “a regulatory thicket” of rules but rather a “principles-based approach,” with a focus on helping “community banks to compete.” “She's won a high level of respect from the industry,” says the group’s head. But not everyone’s pleased. “It's pretty much the same story as 'don't you think we should all get along?'” observes one exec. “What does that mean?"

In this July 21, 2010, file photo, Elizabeth Warren testifies before a Senate Finance Committee. (AP Photo/Manuel Balce Ceneta)

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Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

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More Newser Stories

Choose, America: Big Banks or Middle Class

Bank shenanigans are destroying the building block of America

Wall Street to Slash 21K Jobs

Downsizing binge will rival that of financial crisis

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

FDIC Launches 50 Criminal Inquiries of Failed Banks

But it won't name names yet

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