A New Era of Consumer Financial Protection?

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.
Richard Cordray, Ohio Attorney General
Kevin T. Jacques, Boynton D. Murch Chair in Finance at Baldwin-Wallace College