Consumer watchdog Elizabeth Warren says one of her first tasks will be to monitor rules protecting the finances of military families.
Warren told a House committee that when the Consumer Financial Protection Bureau begins operating July 21 it will be able to engage in “supervision” of a law that prohibits foreclosures on homes owned by active-duty soldiers and sailors and limits interest rates they’re charged.
JPMorgan Chase agreed to pay a $56 million fine to settle claims it overcharged military personnel on their mortgages and illegally seized homes, actions that CEO Jamie Dimon said amounted to one of the firm’s “biggest mistakes.”
Rep. Patrick McHenry (R-NC) pressed Warren on whether the consumer bureau would seek to prohibit financial products. Warren invoked previous House testimony of the then-president of the American Bankers Association, Ed Yingling. He said at the time that “there are products that should be banned.” Warren said she is not inclined to agree.

