For the CFPA
October 30, 2009 | federal legislation, industry | Comments (1)Not surprising the newspaper editorial boards are generally supporting the CFPA. Editorial writers have never been in business, don’t meet payrolls, don’t negotiate contracts, and don’t worry about profits. They think that’s the job of other people at a paper. From the Sun Sentinel:
The agency would force lenders to offer products with simpler terms and greater disclosure. It would regulate consumer credit in the interest of borrowers, not lenders. This agency, Warren’s brainchild, would address directly the weakened lending standards that Wall Street exploited, and which led to the financial crisis.
“This is trying to move that to a world where there is light. One of the necessary ingredients is light, that people can track the terms of a deal, make comparisons among products, and not take on crazy risks,” she said. “We’ve learned the consequence of too much risk aggregated in the system it’s brought us to our knees. The CFPA isn’t about playing the ‘nanny state’; it’s giving customers the tools to protect themselves.”
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If the CFPA were a tool to help and not a tyranny then I’d go for it.