WASHINGTON -- The woman leading the set up of the new Consumer Financial Protection Bureau said the agency hopes to work closely with credit unions and if "this thing works out right consumers and credit unions will be on the same side of the line.''
Elizabeth Warren, whom President Obama named as a top adviser to him and Treasury Secretary Timothy Geithner, told NAFCU's Congressional Caucus that the administration's goal is to ensure functioning credit markets for consumers. She also said the country can't work well "without a robust and diverse banking system," and the end result won't be a single model for financial services providers.
The former Harvard Law School professor said another goal is to level the playing field, not only between consumers and lenders but among lenders as well.
She said stronger regulations are needed because the current system isn't working as it should.
Warren praised the efforts of credit unions and noted how one helped a family member get back on their feet after some financial problems.
This was her first public appearance before a financial services trade association since she took office last Friday. She took no questions from the audience or the media. She also met with NAFCU's Board and top officials of CUNA yesterday.