Congressman Tierney Invites Professor Elizabeth Warren to a Discussion with Local Community Bankers and Realtors
Salem, MA – June 30, 2011 – (RealEstateRama) — Congressman John Tierney and Professor Elizabeth Warren, Assistant to President Obama and a Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB), met with a small group of local community bankers, mortgage bankers, and realtors yesterday. Congressman Tierney invited Professor Warren to our area to continue her conversation with community bankers as the CFPB begins its mission to protect consumers with reforms to the mortgage process.
During the event, held at Salem State’s Enterprise Center, local bankers and realtors had an open discussion with Professor Warren about the consumer protection bureau’s efforts to protect consumers and how reforms will impact the financial and real estate sectors. Congressman Tierney applauded Professor Warren’s efforts in setting up the CFPB with an inclusive process focused on transparency and consumer protection.
“Professor Warren continues to listen to consumers, bankers, realtors, and other industry representatives to ensure that financial reform is as transparent and effective as possible,” Congressman Tierney said. “A longtime supporter of Professor Warren and of the Consumer Financial Protection Bureau’s goal of protecting American consumers, I was impressed with the discussion and glad to give our local banking and real estate community an opportunity to have their voices heard. It is imperative that community bankers and local realtors who understand the needs of our community are not trampled by the big banks that oppose the new consumer protection bureau. Protecting the interests of our families and small business owners is a top priority when it comes to our overall economic recovery.”
“I appreciated Congressman Tierney’s invitation to this event because I believe the CFPB can serve the American people by embracing a strong, diversified banking system,” said Professor Warren. “For this consumer bureau to succeed, community banks must remain a major presence in the economy. Families across America must continue to have the option of receiving their financial services from institutions that use a business model based on the idea that what you see is what you get.”
“Elizabeth Warren was eloquent in describing her organization and its commitment to helping the average family understand the financial issues they face,” said Christine Sullivan, CEO of the Enterprise Center at Salem State University and Board Member of Beverly Cooperative Bank. “Further, she was very supportive of the community banks that are on the frontlines of helping American families and small businesses. She understands that these banks are caught in the squeeze of increased regulation caused by the larger institutions that have created so many troubles. She understands that community banks have often been the solution—not the problem.”
During the roundtable, Professor Warren discussed the Consumer Financial Protection Bureau and its goal of watching out for American consumers in the market for consumer financial products and services. In addition she provided information about the CFPB’s “Know Before You Owe” program, which is designed to simplify and consolidate the mortgage disclosure forms that consumers sign.
