Elizabeth Warren has spent much of the past year arguing the Consumer Financial Protection Bureau (CFPB) is not as scary as banks think. But as she steps aside, will that really be the case?

Warren, the bureau's de facto leader after passage of the Dodd-Frank Act, has favored guidance over prescription, said product bans are not part of the agency's early plans and advertised better disclosures as a boon to banks as well as consumers.

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