Industry Laments Elizabeth Warren's Win

Article excerpt

Byline: Maria Aspan

BOCA RATON, Fla. a Elizabeth Warren, the architect of the Consumer Financial Protection Bureau, has long been a contender for the title of most hated woman in banking. This week, as news of her election on Tuesday sunk in, financial services executives and other industry members tried a and sometimes failed a to come to terms with the news.

aIam terribly sorry about sending Elizabeth Warren to the Senate,a consultant Nick Miller quipped by way of welcome to an industry audience Thursday morning.

Miller is the president of Clarity Advantage, which is based in Concord, Mass. Warren defeated incumbent Massachusetts Senator Scott Brown, a Republican, after a grueling and expensive campaign.

aIt was close, but we just couldnat do it,a Miller added Thursday, apparently apologizing on behalf of all Warren opponents who voted in his state a and perhaps on behalf of all the bankers who donated to Brownas campaign.

Miller was speaking at SourceMediaas annual Small-Business Banking conference, which kicked off on Wednesday. Some attendees that afternoon, still bleary-eyed from watching election returns the night before, said they were surprised that Warren eked out a victory in what had once been a close race. Others rolled their eyes when asked about her.

Some bankers were more pragmatic, or at least more resigned to Warrenas election.

aSheas but one vote,a said Cathleen Nash, the chief executive of Citizens Republic Bancorp, (CRBC), echoing reassurances made by some Warren watchers.

As a first-time Senator, Warren may have to build alliances and wait to gain more seniority before having much impact on policy. …