No Formal CFPB Position Expected for Warren

On September 16, it was reported that in the coming weeks Harvard law professor Elizabeth Warren “whom many predicted would be nominated as the inaugural director of the newly established Bureau of Consumer Finance Protection (CFPB)” will be appointed to the position of Special Advisor to Treasury Secretary Timothy Geithner and will assume a lead role in launching the new agency, hiring staff and setting its mission.

The position does not require confirmation by the Senate. Seen as the leading contender for the top CFPB post, Warren was a divisive figure seen as too liberal and anti-industry by Republicans and would likely have had trouble securing confirmation because of significant opposition in the Senate

The appointment allows the White House to avoid what was largely expected to be a bruising confirmation process that could have had the potential to politically wound the administration while still allowing Warren to lead the establishment of the new agency.

While Warren will not serve as the formal CFPB director, she is expected to lead the activities of the agency for the next several months.

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