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!
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 allowed 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 vote against any amendments that would weaken the CFPA.
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.