Wednesday, October 6, 2010, 5:40 PM

Transfer Date Set and Director Appointment on the Horizon

Posted by: Chris Jones

Reuters is reporting that Senate Banking Committee Chairman, Christopher Dodd has indicated an expectation that the first Director of the Consumer Finance Protection Bureau, now racing toward its July 21, 2011, Designated Transfer Date, should be appointed shortly after the November elections. The article notes Dodd's widely reported opinion that the White House should nominate someone with sufficient support to guarantee confirmation, and that Elizabeth Warren may not have sufficient support.

To the extent Republicans pick up more Senate seats in the impending election, one can only assume that existing support for Ms. Warren would only erode further.

Meanwhile Ms. Warren has been busy meeting with top executives in the U.S. financial industry to explain her view that simplifying credit card and similar consumer finance agreements could go a long way to giving consumers the protection that she perceives they need.

Ms. Warren's views on credit card agreements are well known, but it is unlikely that the banking industry will quickly forget that she testified against several leading U.S. banks as an expert witness in credit card fee related antitrust cases and was paid $90,000 to do it, all while serving on the TARP Oversight Committee. Apprently, Ms. Warren was careful to ensure that there was no technical conflict created, but one could hardly blame a banking industry that is slow to warm to her, regardless of how many feel good speeches she offers.

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