Survey: What Are Your Thoughts on the CFPA?by Tim Manni
Sweeping financial overhaul programs are making their way through Congress as we speak. A portion of that large legislation includes a measure to create the Consumer Financial Protection Agency (CFPA) — a Federal entity that will write and enforce new regulations covering financial products such as credit cards and mortgages (among others). Advocates of the new agency feels that consumers were left largely unguarded and improperly protected from potentially damaging choices by existing rules.
In the latest issue of HSH’s Market Trends Newsletter we included a survey which asks readers “Do You Need More Consumer Protection?”
Do you think we need a new Federal agency? If you do support it, should the new agency regulate banks, credit unions, Wall Street, credit card companies, mortgages? Could a watchdog agency like the CFPA have prevented the housing crisis or the stock market collapse?
We want to hear your opinions on these questions and more regarding the CFPA — CLICK HERE to vote on our latest survey.
It’s important to note that these financial-reform efforts are still under debate on Capitol Hill, and while each house of Congress has cast preliminary votes on the CFPA and its desired functions, there is a definite possibility that the scope of the CFPA will change as the debate continues.