Friday, 02 October 2009 00:00
Long Island Congressmembers Carolyn McCarthy and Gary Ackerman must stand up for consumers by supporting the Consumer Financial Protection Agency Act (“CFPA”) in the upcoming Financial Services Committee vote. This legislation (HR 3126) will establish a federal watchdog agency solely devoted to protecting consumers. Lack of regulation is among the top causes of the current financial crisis.
For years, banks, mortgage brokers, Wall Street firms and others profited tremendously – often by using questionable tactics to sell confusing and deceptive products and services – while seeking to avoid responsibility for their actions.
Consumers bailed out the banks. Now it’s time for us to get protected from unfair and misleading mortgages, loans, bank accounts and credit cards. A Consumer Financial Protection Agency is essential to restoring accountability to our financial system. It will prevent unfair and discriminatory lending; and make sure consumers have useful, meaningful information before they sign on the dotted line. The CFPA Act also would make sure that state lawmakers and attorneys general can pass and enforce laws beyond those coming from Washington.
Representatives McCarthy and Ackerman must stand up for consumers, not with the banks who are pushing to keep the status quo.
NYPIRG Project Coordinator
Nassau Community College