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In the financial services legislation being considered by Congress, of greatest interest to consumers is the creation of a new Consumer Financial Protection Bureau. This new bureau would provide transparency and fairness for consumers when they take out a loan, use a credit card, or get a mortgage. The CFPB would oversee financial products and services like the Food and Drug Administration oversees the safety of our food and drugs. It would ensure that products are fair, sustainable, and suitable to borrowers. The bureau would focus on protecting consumers by ridding the market of the tricks and traps that have ensnared so many customers of banks and other for-profits.

Peter Westerman

Credit Union Times

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