The Massachusetts Senate race is shaping up to be one of the closest races of 2012, with Brown and Warren consistently running within just a few points of one another. If you missed tonight’s debate, here are two recaps.
» What this means for consumers: This settlement isn’t simply something that affects Capital One’s customers — rather, it helps set some guidelines for the entire industry, by forcing stronger warnings on add-on services sold by credit card companies; by setting a standard for clear payouts of refunds to consumers; and by discouraging other companies from selling the programs, which many consumer advocates dismiss as “junk products.” Simply put, the Capital One settlement sets a future standard for the financial industry as they work with the CFPB.
swagandpassion asks: Is the Elizabeth Warren report being eliminated by Obama, a political situation? I would assume she would be ideal, but how big a fight would it be to restructure the agency if she was appointed?
» SFB says: As far as we can tell, that’s what happened. From an LA Times piece on the matter: “Warren appeared the obvious choice for the agency’s powerful director. But strong Republican opposition made the White House nervous that the nomination would be filibustered in the Senate, preventing Warren from playing any role in organizing the agency.” In case you aren’t familiar with this drama, this video basically confirms this fact. If you ask us, GOP distrust of Warren had much less to do with Warren herself and more to do with the fact that they want to weaken the organization right off the bat. Remember, the law creating the organization passed with only two GOP votes in the Senate. — Ernie @ SFB
» SFB also says: There are rumblings that Warren is considering running for Scott Brown’s Senate seat in Massachusetts next year. It’s possible that she’s already informed Obama of her intent to run, which would a) save the President a long, protracted nomination battle, and b) potentially flip a Senate seat to the Democrats. Conversely, if she hadn’t yet decided, Obama’s decision not to appoint her to CFPB might make that decision a bit easier. Of course, this is all pure speculation, but it’s worth keeping in mind. — Seth @ SFB