Posted Wednesday, June 24, 2009
Consumers Beware: President Obama says a failed consumer protection system is at the heart of the financial crisis that has wrecked havoc on the economy. Part of the fix, he says, is to create a new Consumer Financial Protection Agency that would oversee mortgage lenders, credit card companies and even debt collectors. The agency would have the power to re-write rules on how much credit cards can charge in fees and penalties, force banks and other lenders to greatly simplify loan contracts and much more. Can can one agency possibly oversee so many institutions? How will it impact the average consumer of financial services? On the next Sound of Ideas®, it's Consumer Financial Protection. Join the conversation, Wednesday at 9 on 90.3.
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I think Obama is doing the right thing since none of the current federal institutions are doing their jobs when it comes to consumers. Most current federal institutions are on the side of corporate america. I’ve seen numerous PBS specials on Frontline, Bill Moyers, etc. on how the branch that regulates the credit industry fought against the attorney general of California over an issue. If we remove the consumer protection from this agency that regulates the credit industry, then it will act as a watchdog to that agency.