Still Waiting for a Senate Bill
We have yet to hear any concrete news about what the Senate’s financial reform bill will and won’t cover or where a potential Consumer Financial Protection Agency will be housed, but we will post updates here as soon as we hear.
AFFIL and our fellow consumer advocates are still hopeful that Senator Dodd will not settle for anything less than a strong, effective, and independent Consumer Financial Protection Agency. Click here to read Americans for Financial Reform’s recent statement on the need for an independent CFPA.
We also continue to hope that the proposed Consumer Financial Protection Agency will cover non-bank lenders. These lenders, from auto dealers to payday lenders to mortgage modifiers, are some of the worst offenders under the current system because of the lack of federal regulation of their products and services. They need to be covered by the CFPA in order to give consumers the peace of mind they deserve.