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.