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Warren Expected to be Named Advisor to Set Up CFPB: Statement by Consumers Union

News Release
Consumers Union – Nonprofit Publisher of Consumer Reports
Thursday, September 16, 2010
Contact: David Butler, 202-462-6262, dbutler@consumer.org

Warren Expected to be Named Advisor to Set Up Consumer Financial Protection Bureau: Statement by Consumers Union

WASHINGTON, D.C. – According to news reports, Elizabeth Warren is expected to be named as an assistant to the President and special advisor to the Treasury Secretary to set up the new Consumer Financial Protection Bureau (CFPB).

Consumers Union, which has pushed for the creation of such a bureau for many years, praised the reported selection of Warren to oversee the establishment of the CFPB.

“Elizabeth Warren is a true champion for consumers,” said Gail Hillebrand, Director of Consumers Union’s Defend Your Dollars campaign (www.defendYourDollars.org). “She would give the new bureau the focus and foundation it needs to succeed. People need a real financial watchdog in Washington to look out for their interests, and she’s an ideal choice.”

Pamela Banks, senior policy counsel for Consumers Union, said, “If and when there’s an official announcement, she needs to have the authority to make decisions quickly. This is an unprecedented bureau with a critical mission, and it has got to be staffed as soon as possible to tackle the challenges ahead.”