Do we really need a Consumer Finance Protection Agency? Toyota’s example indicates “YES”

March 8, 2010
>> Bankruptcy, Debt, Legislation

EWarren — Professor Elizabeth Warren: Head of the TARP Oversight Panel–a real person who is actually fighting for the creation of the Consumer Finance Protection Agency

There’s a great cartoon on the Center for Responsible Lending’s website that points out the silliness of the arguments against the creation of a Consumer Finance Protection Agency (CFPA).

The gist of the cartoon is that if Toyota and the auto industry made the same arguments being used by opponents of the CFPA, there would be nobody to call out Toyota when it has a manufacturing problem that’s putting people at danger. For that matter, the same analogy applies to toy makers who were importing toys from China that had lead paint in them.

It is in pretty much all of our interests to have a CFPA. It not only protects us individually from sneaky lending practices, it protects our society and our economy from getting harmed in a large-scale manner which can harm all of us, as it’s doing right now.

The banking and lending industry clearly cannot be trusted to regulate itself. Yet it grows stronger and more sophisticated each year. As a result, it’s time for the creation of the CFPA.

If you’re seeking your own consumer protections–in the form of filing for bankruptcy in New York, with debt negotiation, foreclosure issues or overly aggressive creditors–please contact me for a free initial consultation and I’ll be happy to share the benefit of my 30 years of New York business bankruptcy experience to help you navigate the process and get the full benefit and protection of the bankruptcy laws if you need them.

Contact Bruce Weiner, Esq.

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