Sunday, March 20, 2011

And who else is involved with consumer protection? Everybody; Check it out.

There has been so much smears and fears on the new CFPB which will open in July and Elizabeth Warren and a bill implemented in Congress to dismantle the new CFPB. It is interesting to look at the other federal agencies who are involved in consumer protection that seems paralyzed to protect the consumers over illegal practices and abuses by the banks and corporations.

You know who else is involved with consumer protection?  Everybody. The OCC, OTS, NCUA, Federal Reserve Board, FDIC, FHFA, HUD, VA, FTC and DOJ all have consumer protection in their mission. For all (except possibly the FTC, which lacks massive jurisdiction) it’s an orphan and subordinate mission. By consolidating regulators lenders that deal with consumers have a single, straightforward regulator to deal with, reducing burden and increasing clarity by providing a level-playing field. From the Roosevelt Institute’s Make Markets Be Markets conference, graphs courtesy of the Consumer Federation of America, you can either have this:

And this:

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