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.
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.
The big banks are pulling out all the stops to kill legislation to create the CFPA. Write to your elected officials today and ask them to stand with Main Street, not Wall Street, and support the Consumer Financial Protection Agency!