Reckless behavior by financial institutions and abusive financial products have not only harmed millions of American families but put our entire economy at risk. Consumers have lost their homes, their jobs and their savings in the economic fallout caused by this reckless behavior by companies blinded by greed.
Isn't it time to have someone in government whose sole purpose is to protect the consumer?
President Obama has sent legislation to Congress that would create a new agency to protect people in the financial arena and to restore accountability in the marketplace. This new financial watchdog would be called the Consumer Financial Protection Agency (CFPA).
The CFPA's mission is to: - Protect consumers from unfair and deceptive practices when they get a mortgage, credit card, personal loan, savings account or extended payment plan.
- Set standards on financial offerings so consumers can compare and understand the products they purchase.
- Establish rules for companies and individuals that sell financial products and services.
- Ensure access to, and prevent discrimination in, financial products and services.
- Improve data collection about financial products and services—from the cost of loans, to the race and gender of those receiving loans.
Contact your members of Congress right now and ask that they support a new consumer financial protection agency!
After accepting billions of dollars in bailout money, some industry players are planning to spend a fortune to lobby against this consumer protection. Please don't let these companies get away with it!
Make sure that your representatives know that you expect them to follow through and create an accountable consumer financial watchdog agency. Write now!
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