CU tell Huffington Post readers why Senate needs to pass the CFPA

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Thursday, April 15th, 2010

In the coming weeks the Senate will be considering a package of reforms to fix the broken financial system. One of the most important pieces of the package is the creation of the Consumer Financial Protection Bureau which will ensure that financial products and services are safe for consumers. Consumer’s Union’s Pam Banks’ posted her thoughts on Huffington Post today, explaining why it is essential that Senate create the CFPB in its strongest form.

“We need a watchdog whose mission is to look out for consumers and to protect the interests of Main Street against the unfair practices of the banks and Wall Street. This would allow innovation to flourish, increase competition and lead consumers to make better, well informed financial choices. At the same time, it would help prevent such practices that hide the true cost of mortgages from borrowers, or hide the real cost of credit with confusing fine print in credit contracts. An independent financial watchdog could focus on ensuring that financial products were once and for all presented in clear, understandable language that would enable consumers to do some comparison shopping.”

Read the whole article here.

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