A slew of public advocacy groups, including the National Fair Housing Alliance, applauded President Obama’s appointment of Harvard Law professor Elizabeth Warren to lead a new consumer protection agency Friday.

Warren is now assistant to the president and special advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau created under the Wall Street Reform and Consumer Protection Act signed in July. She will take on the job of setting up the new bureau by mid-2011, including recruiting staff, initiating policy and helping choose the bureau’s first director.

A slew of public advocacy groups, including the National Fair Housing Alliance, applauded President Obama’s appointment of Harvard Law professor Elizabeth Warren to lead a new consumer protection agency Friday.

Warren is now assistant to the president and special advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau created under the Wall Street Reform and Consumer Protection Act signed in July. She will take on the job of setting up the new bureau by mid-2011, including recruiting staff, initiating policy and helping choose the bureau’s first director.

The bureau will regulate mortgages, student loans, credit cards, credit scores and other consumer credit products. The consumer watchdog agency was Warren’s idea and she is the "best person" to turn that idea into reality, said Shanna L. Smith, National Fair Housing Alliance President and CEO, in a statement. The alliance has a mission to eliminate housing discrimination. Its board includes fair housing officials from around the country.

"The Bureau of Consumer Financial Protection will work to dismantle the two-tiered lending system that has disproportionately made the most dangerous financial products available to people of color while limiting their access to mainstream mortgages," Smith said.

"It is a tragedy that all of the homeowners who find themselves in foreclosure or foreclosed upon because of unscrupulous and discriminatory lending did not have such an agency to protect them, and it is critical that the Bureau begin its operations as soon as possible."

Some financial institutions have criticized Warren for "overly broad" attacks on "abusive, deceptive and unfair lending practices," the New York Times reports.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×