Consumers are faced with a number of complicated personal finance decisions to make on a daily basis and in today’s market these actions have an increasingly permanent effect on their credit history.
In an effort to help protect Americans from predatory lending and other potentially harmful credit practices, a group of senators and representatives have sponsored new legislation that would create one agency with oversight of financial products offered to consumers.
Last week Senator Dick Durbin introduced a bill that would create the Financial Product Safety Commission which would be tasked with ensuring that financial products on the market for consumers are “responsible, accountable and transparent.”
The legislation is co-sponsored by senators Chuck Schumer and Ted Kennedy and representatives Bill Delahunt and Brad Miller.
“In the past 30 years, the legal rules for mortgages, credit cards and every other kind of consumer loan have moved consistently in one direction¬ – against the family,” said Elizabeth Warren, Harvard Law professor and chairwoman of the Congressional Oversight Board for the Trouble Asset Relief Program.
“The Financial Product Safety Commission promises to reverse that direction, putting in place a structure to make the rules a little fairer and to give families a fighting chance against any lenders that make their profits by tricks and traps,” she said.
The new agency, in addition to enhancing consumer protection, would offer education to households on best practices before they commit to contracts on a variety of financial products and services.
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