The campaign is on
October 27, 2009 | federal legislation, industry | Comments (0)The Administration is sending it’s top economic officials out to promote the CFPA. Sheila Bair, FDIC Chairman, spoke in Chicago yesterday:
"I will be speaking to the American Bankers Association later this morning and one of my messages will be to get in there and support the Consumer Financial Protection Agency (CFPA). The Administration has proposed a new Consumer Protection Agency to establish consistent consumer protection standards for banks and non-banks. I strongly support this new agency....Looking at indecipherable credit card statement and documents and mortgages you can't understand and APRs from Payday Loans and high overdraft fees - I don't see how anybody can say that we've done a good job protecting consumers and financial services. I just don't see it..... The absence of a national standard was a contributing factor to our current economic turmoil - this uneven nature of regulatory protections and this lack of strong standards that apply across the board.
Comments»
No comments yet.