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Support A Consumer Financial Protection Agency That Does Not Restrict States From Doing More

HR 3126, the Consumer Financial Protection Agency Act, will go to the House Financial Services Committee for markup later week.

Our consumer financial safety net is broken. We need a Consumer Financial Protection Agency that has direct responsibility to oversee the safety of financial products consumers.

America’s families need someone to look out for the household risk created by unchecked use of deceptive terms, unfair practices, and abusive features in loans, checking accounts, and other financial products.

Right now, there is not one single agency responsible for overseeing financial services companies, like mortgage brokers, credit card companies, or car loan businesses, to ensure they don’t put misleading or dangerous products on the market. Instead, there are at least seven agencies that oversee some part of the financial products sold to consumers, yet not one of them has the job of preventing harmful features in consumer financial products.

The goal of the Consumer Financial Protection Agency isn’t to put banks out of business or add regulation. It’s to guarantee safety, encourage innovation of safer products and reduce federal regulatory layers.

This fall, members of Congress must do what’s right for America’s consumers and create a Consumer Financial Protection Agency that places consumer protection first, provides for strong federal law as the minimum protection, and lets states do even more to protect their consumers.

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