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Banks may have had less threat from Warren as CFPB director

Elizabeth WarrenElizabeth Warren might be a bigger threat to Wall Street as a United State Senator than if she were to have been confirmed director of the Consumer Financial Protection Bureau, according to some financial experts.

As director of the CFPB, Warren would have held much control over banks, credit bureaus, mortgages companies and payday lenders, among other financial products, according to Time.com. After being turned down for that job, Warren has launched a Senate campaign, which, if successful, could make her a powerful consumer protection lawmaker.

After several terms in the Senate, Warren could eventually wind up on an influential committee leadership role and wield enough power to launch a sweeping investigation into the financial industry.

Warren still has a tough primary and a vicious general election before taking the seat from incumbent Sen. Scott Brown (D-Mass.).

The future is just as unclear for the CFPB whose full regulatory authority is being held hostage by Republicans who could eventually thwart the bureau all together if it gains enough power after the next election cycle.

Either way, experts said that Warren serving at a power limited CFPB would do far less damage to Wall Street than she could as a powerful Senator for the next six years or more, according to Time.com.

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