Exactly
June 29, 2010 | federal legislation, industry | Comments (0)From RedState.com:
Consumer Restrictions – The bill creates a “Consumer Financial Protection Bureau” (CFPB) with jurisdiction over all sorts of financial products offered by banks and non-banks (Sections 1002 and 1021). Non-bank financial products include your Sears credit card and even agreements to repay your auto mechanic or orthodontist in monthly installments. Mortgages, personal loans, payday loans and check cashing services will also be subject to new restrictions in the name of “protecting” consumers from their own choices. While there is a clear need for more responsible lending standards than were used in recent years, this CFPB will make credit more inaccessible even for credit-worthy families and entrepreneurs.
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