Toasters, toys, Tylenol, title loans: one of these things is not like the others. We have government agencies in charge of regulating many consumer products, but not nearly enough attention is given to financial products. With your help, that can change.
Financial reform passed the House in December, but just barely. Now, we're facing the same fight in the Senate, and the banks are pulling out all the stops to kill legislation that would create reform. It's up to us to make sure our Senators stand up for Main Street, not Wall Street.
In the meantime, the big banks continue to take advantage of consumers by issuing subprime mortgages, raising credit card interest rates at any time for any reason, levying obscene bank fees, and hitting Americans with other tricks and traps. It's time that there was an agency with the sole mission of protecting consumers from these abusive loan practices and products. It's time we had a Consumer Financial Protection Agency.
The CFPA would have the power to write and enforce rules to make sure that bad lending products don't make it into the market. It would be able to assure consumers that their mortgages, like their toasters, will not explode in their faces.
This is a fight that consumers can't afford to lose. Write to your elected officials today and ask them to support financial reform and the Consumer Financial Protection Agency.
Our community offers more than enough proof about the need for a strong and effective CFPA. Our neighbors struggle with excessive credit card interest rates, foreclosures resulting from sub-prime mortgages, unfair debit card fees, and other abusive lending products that would be regulated under a CFPA.
The CFPA should serve as a regulatory floor, not a ceiling. If our elected officials back home find the need to pass stronger laws to protect consumers, they should be allowed to do so without having to deal with federal preemption. If this had been permitted in the past, we could have stopped bad financial products from getting onto the national market.
I am asking you to not only support the CFPA, but also to ensure that it has the ability to truly protect consumers. Please push for the creation of a strong and effective CFPA that will actually be able to make a difference for consumers of today and tomorrow.
Please make sure Wall Street is effectively policed by strong, transparent regulators committed to the long-term public good.
I know that the financial services industry is putting a lot of pressure on you in an attempt to create an ineffective and powerless CFPA, and I ask you to use this opportunity to show that you stand with your citizens, not with the big banks and their lobbyists.
Please use your vote to support the creation of the CFPA for the sake of the consumers in your district, the American people, and the economy as a whole.