Banks vs. consumers: Demand a new protection agency now!


If you want to see a consumer financial protection agency, now is the time to let your Congressman know how important that protection will be for you. I've seen many comments on WalletPop about how abusive credit card and mortgage practices have hurt people's financial position. Most of those abuses occurred because federal agencies were asleep at the switch.

While consumer protection laws have long been in place, no one agency has the responsibility to be certain these laws are being enforced. Now President Obama wants a new consumer protection agency that would regulate home loans, credit card fees, payday loans and other forms of consumer finance, but the banks are already organizing their lobbying troops to kill the plan. Banks have taken billions of dollars to save themselves, let's make sure they don't kill the one small package geared to consumer protection.