More scrutiny of financial products
May 27, 2009 | USA Today, alternatives, federal legislation, industry | Comments (0)USA Today has an editorial today that’s frankly kind of vague:
The real problem for consumers is not the lack of laws to protect them. In many cases, they exist. The deeper failure is the lack of any federal agency looking out for consumers’ interest across a wide array of financial products, from credit cards to “payday loans” to mortgages. Oversight is splintered across an array of agencies that tend to treat consumer protection as a stepchild.
They want more oversight or something. But the American Bankers Association says “enforce existing laws.”
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