Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau
By Matt Cantor,  Newser User
Posted Mar 15, 2011 9:52 AM CDT
In this July 21, 2010, file photo, Elizabeth Warren testifies before a Senate Finance Committee.   (AP Photo/Manuel Balce Ceneta)

(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?"

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