Consumers need more protection
The newly-formed Consumer Finance Protection Bureau has come out with an agenda of sorts–the goals it sees for itself to better the mortgage marketplace.
Here are the three central concepts which the CFPB outlined:
The Consumer Wheels Are Spinning in Washington
Washington’s transition from their seemingly unwavering support of Wall Street to a new dedication to the American consumer has been rather slow, but the momentum is picking up. While the House of Representatives passed a bill on Friday that included the creation of the Consumer Financial Protection Agency (CFPA), President Obama met with the nation’s largest banks yesterday, asking them to step up their lending to consumers — both homebuyers and small business owners alike.
Perhaps ironically, the president’s plea to the banks comes at the same time many of them have (or are working hard to) paid back TARP funds in order to get out from under these kinds of pressures: Read the rest of this entry »
Survey: What Are Your Thoughts on the CFPA?
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?”
Consumers: Do You Need Protection?
Consumers, we want to hear from you — share with us your opinions and reactions to the Consumer Financial Protection Agency (CFPA) bill that is about to make its way to the floor of Capitol Hill. National Mortgage News (NMN) wrote yesterday that the legislation — part of a massive overhaul of the financial system — will begin to receive attention by Congress this fall.
NMN writes: Read the rest of this entry »
How Will the New Financial Reform Affect You?
If you follow the news, it’s inevitable that you’ve heard at least some mention of the Obama Administration’s massive overhaul of the country’s financial system. In what is being touted as the largest economic reform since Franklin Roosevelt’s New Deal, the “Financial Regulatory Reform: A New Foundation” has started out like many other reform proposals from the new administration: lengthy and with few concrete details.
The 89-page proposal is full of shake-ups, new regulations, regulators, rules, and changes. We’re going to concentrate on the portions which are likely to affect you the consumer the most.
