The president last week sent a 152-page wish list to Congress for what he wants out of the proposed Consumer Financial Protection Agency. The aim of the proposal is to make lending, investing and other disclosures easier to understand.
The cause is noble, but the irony rich. Any time the government goes to simplify anything it becomes a quagmire of even more incomprehensible drivel than it was to start. Just look at the language of the proposed legislation: The term "alternative consumer financial product or service" means a consumer financial product or service that is of the same type or class as a standard consumer financial product or service but that contains different or additional terms, fees or features.
Define "standard"? What's "different"?
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.