Location, location, location. Elizabeth Warren says ""that's the real estate mantra, and the new consumer bureau is following the professional's lead.""
The U.S. Department of the Treasury announced late last week that the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, D.C.
""With its headquarters in the heart of Washington, D.C. Ã¢â‚¬" just across the street from the White House complex Ã¢â‚¬" the new agency will offer a very tangible presence for anyone who comes to our nation's capital,"" said Warren, who is assistant to the president and special advisor to the secretary of the Treasury on the CFPB, the agency that will have statutory oversight of mortgage lending and the power to set new rules for home loans and other consumer-facing credit products.
The building is currently occupied by the Office of Thrift Supervision (OTS), which will officially become part of the Office of the Comptroller of the Currency (OCC) on July 21st, as well as Federal Housing Finance Agency (FHFA)
staff. According to a CFPB spokesperson, the new agency is about 18 months out from relocating to the new headquarters building.
Before the CFPB moves in, Treasury says major renovations are needed to make more efficient use of space and to update the building to current energy and environmental standards.
""The consumer bureau belongs to the American people, so we aim to make its headquarters welcoming to the public,"" Warren said.
The CFPB implementation team is planning to open up the first floor of the building for regular educational programs, including interactive kiosks and 21st century learning centers.
Treasury says the goal is to make the CFPB headquarters a place where Americans of all ages can learn more about managing their finances and about ""the nation's first bureau dedicated to making the markets for consumer financial products and services work for American families.""
We want Americans to see where we work, to know that this is a place where financial cops are trained, and to be reminded that we are always looking out,"" Warren said in ""a blog post ""We want the building to have as much public space as possible. We're hoping that we can open up parts of the lobby and the adjacent patio for families and service groups, for foreign visitors, and local school kids, for anyone who comes to town.""
Warren says her intent is to pack the lobby with financial education materials and tools to help consumers choose the mortgages, credit cards, and other financial products and services that are best for them.