Guest blogger Charles Bruen, CEO of First Entertainment Credit Union, questions the choice of Elizabeth Warren to head up the formation of the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau probably won't be up and running until early next year, but the NCUA, other agencies and the credit union trade associations are already starting to gear up.
Saying he wants a system where financial services institutions "compete on price and quality, not on tricks and not on traps,"
President Obama is scheduled to sign the financial regulatory overhaul bill tomorrow and among credit union advocates and other groups there is much wondering about who will be the first head of the Consumer Financial Protection Bureau.
Credit unions took their case for keeping the status quo on interchange fees to Capitol Hill last week as House and Senate conferees began their effort to reconcile the different versions of the regulatory overhaul bill.
The amendment to regulate interchange will increase transparency to consumers and force card issuers to design their products in a way that consumers are aware of all the costs, consumer advocate and Harvard Law Professor Elizabeth Warren said today.
Sidestepping a potentially difficult confirmation process, President Obama tomorrow is expected to name Harvard Law Professor Elizabeth Warren to be a special adviser to him and Treasury Secretary Tim Geithner.
"I told you so." That's what Peter Drucker might say to corporate credit union managers in the wake of our recent financial collapse.