• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Elizabeth Warren Takes Conciliatory Tone With Bankers

Yesterday evening, Elizabeth Warren, responsible for setting up the Consumer Financial Protection Bureau, spoke at a meeting of the Financial Services Roundtable, a trade association for the country’s biggest banks.

In the past, Warren has lambasted banks for purposefully creating opaque, obscure products to make a buck off of customers. (Her infamous phrase for some financial products? “Tricks and traps.”) But this time, in one of her first official appearances as a member of the administration, she took a conciliatory tone.

She continued to use the folksy cant she has picked up in the last few weeks. “My first public meeting after [my current] appointment was with bankers — bankers from Oklahoma, where I grew up, where my grandmother drove a wagon in the land rush, and where I learned to sing Boomer Sooner before I learned Old MacDonald,” she said to open her remarks. (Did she always talk like this?)

Then, the tone went conciliatory. “We are not working on the theory that all the men and all the women connected with finance, either as workers or investors, are to be regarded as guilty of some undefined crime,” she said, according to prepared remarks. “On the contrary, we hold that business based on good will should be encouraged.”

Warren pressed for a principles-based, rather than rules-based approach — describing questions like “Can a customer easily understand what this product does?” as more important than “Should we ban companies from selling redundant insurance for certain title problems?”

Nevertheless, the old attitude did shine through. “[C]redit agreements have gotten long and complicated. In fact, there’s a new epithet: fine print. I understand that some of you call it ‘mice type.’ Where I come from, nobody calls fine print, hidden fees and surprise penalties ‘negotiated contract terms’ or ‘innovations.’”

She continued: “On a polite day, my brothers in Oklahoma call that kind of stuff ‘garbage.’ They don’t care if it is there because regulators required it, because the companies’ lawyers were trying to ward off lawsuits, or because it was a good place to hide another new fee. They simply see a world in which the financial institutions they do business with are not on their side. Every surprise hidden in the fine print is a bad surprise.

“Instead of seeing banks as their friends — as I did when I put my babysitting money in a savings account at Penn Square National Bank so my brothers didn’t borrow it out of my sock drawer — too many Americans see dealing with banks like handling snakes — do it long enough and you’ll get bit.”

And there it is: conciliatory but wary, soft enough to charm banks and stringent enough to please the progressives that fought to make sure Warren had the role.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.