Law Profs Call for the CFPA
By Consumers Union on Tuesday, September 29th, 2009
Over 70 banking and consumer law professors from across the country have called on Congress to protect consumers and our country’s financial well being by creating a Consumer Financial Protection Agency.
From Hofstra Law Professor and CU board member Norm Sibler and St. John’s Law Professor Jeff Sovern press release:
The faculty endorsing the Statement of Support include leading scholars who teach in fields related to consumer law and banking law who teach at many of the nation’s leading American law schools—in states including Alabama, Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, New Jersey, New York, Nevada, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming as well as Washington, D.C. The signatories have no economic stake in the passage of this legislation.
The Statement concludes that on balance, the existing regulatory structure places “a higher value on protecting the interest of financial product vendors who promote complex debt instruments using aggressive sales practices, than on protecting the interests of consumers in transparent, safe, and fair financial products.”