September's Ruminations

By now, you probably know that President Obama has selected Elizabeth Warren to oversee the establishment of the Consumer Financial Protection Bureau (CFPB). Like the major financial agencies that came before it (e.g., FDIC, Glass-Steagall (repealed in 1999) and the SEC), the CFPB is being created to correct policy ills that contributed to an economic crisis. With the CFPB, Ms. Warren has an opportunity to do what wasn't done after the formation of these other agencies.

Personally, I think she is perfect for the role and the new agency's mission, and I hope she eventually gets nominated and confirmed to actually lead CFPB. She has the perfect combination of knowledge, political savvy, and passion, ingredients she'll definitely need as she takes on the unenviable and monumental task of fixing things that are broken while building things we aren't even yet aware of needing. What Prof. Warren is preparing to do on a policy level is exactly what you and I need to do on a personal level: reflect, react and re-envision.

Actually, we (read: you, me and the government) tend to react quite well. It's doing the combination of all three simultaneously and continuously that needs to be greatly improved upon. It is what the other agencies have not done adequately within the last 70 years! This fact gets very little air-time, but it is certainly one of the many factors that contributed to our greatest economic crisis since the Great Depression. Their missions and mandates weren't updated along the way to emulate our changing times economically, socially, and politically. Can you relate? When was the last time you measured your progress regarding the goals you've set; to confirm the goals you've stated and the choices you make remain in alignment and continue to mirror where you want to go; or, that the systems you put in place to support you are actually supporting you?

The combination of continuously reflecting (looking back to see what did/did not work), reacting (responding to current facts and circumstances), and re-envisioning (forecasting future trends and needs) is akin to an economic theory known as creative destruction, or the process of building change into what you do. It's one of the goals Ms. Warren has for the CFPB. (Another reason why I think she's perfect for this role.) She wants to build an agency that has a mechanism embedded in its foundation that will allow it to adapt to an unknown future. Do you have a similar intent regarding your foundation? Are the policies you use to govern your behavior and the choices you make outdated, or have they been updated to reflect how your life has changed within the last year, let alone the last five years or more, along with what your life might look like in the future?

Ironically, creative destruction in theory and practice provides a perfect parallel for consumers to abide by. So, pay attention to Elizabeth Warren - you have a lot in common with what she's looking to do with CFPB and it would be wise to take some useful cues from her!

All the best,

Jacquette M. Timmons

Yay! Friday, October 1st, marks the one-year anniversary of the release date for Financial Intimacy!! It has been an awesome year and I am so very, very grateful that the media momentum continues. In fact, I'm in the October issue of Black Enterprise and will be in the November issue of Essence and the January issue of Redbook.

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