Warren Tells Bankers She Will Work With Them on Consumer Rules

Elizabeth Warren, the Harvard Law School professor appointed to help set up a new U.S. consumer watchdog, told Wall Street executives she wants to work with them to create clearer contracts for financial products.

“Instead of using ever more complex disclosures that drive up costs for lenders and provide little help for consumers, let’s measure our success with simple questions,” Warren, who was appointed this month, said in remarks prepared for a speech last night to the Financial Services Roundtable in Washington, which represents the nation’s largest banks and insurance companies. “Can customers understand the product, figure out the costs and risks, and compare products?”