Banking critic to be named adviser to Consumer Bureau

WASHINGTON

One of the banking industry's worst nightmares is about to occur. One of the harshest critics of banks will soon be overseeing the industry.

Friday, President Barack Obama will appoint consumer advocate Elizabeth Warren to set up the new Consumer Financial Protection Bureau.

Her role as "special adviser" will avoid a battle in the Senate over her confirmation, since she would have faced heavy opposition from industry and conservative groups.

Warren is a former Harvard professor who has battled financial services, abuses, including predatory lending, and unfair credit card fees.

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