Consumer czar says wants banks' help on rules [View All]

[Cant trust em]

Source: Reuters

(Reuters) - Elizabeth Warren, the Obama administration's new consumer financial czar, offered an olive branch to the largest U.S. banks on Wednesday, saying she wanted their help in developing a principles-based approach to rulemaking.

Warren told the Financial Services Roundtable that the new Consumer Financial Protection Bureau she is setting up does not intend to layer on complex new rules that add compliance costs and encourage avoidance by banks.

"Instead of creating a regulatory thicket of 'thou shalt nots,' and instead of using ever more complex disclosures that drive up costs for lenders and provide little help for consumers, let's measure our success with simple questions," Warren said in remarks prepared for delivery to the banking trade group.

She said these should include whether customers can understand financial products, figure out their costs and risks and compare products in the marketplace.

Read more: http://www.reuters.com/article/idUSTRE68T0AB20100930