We need a Consumer Protection Agency by Sen.Gillibrand to Adam
August 28, 2009
Dear Mr. Gonzalez:
Thank you for taking the time to contact me about the S.566, the Consumer Financial Protection Agency (CFPA) Act of 2009. I agree with you and support the creation of a dedicated consumer financial protection agency, because I believe that it will create a much needed oversight body to prevent the bad actors in the financial services industry from taking advantage of consumers and prevent future economic collapses like our current recession.
Currently, our government lacks an agency whose primary focus is to protect consumers from this form of abuse. Many families in New York fall victim to predatory financial services, which routinely confuse innocent consumers with complex contracts and pages of fine print. In some areas of New York, as many as 40% of new homeowners took complicated sub-prime mortgages instead of standard products.
The creation of a Consumer Financial Protection Agency will consolidate financial accountability in one place. This will create a standard for federal supervision of financial products similar to what is already in place for tangible consumer products. Furthermore, this agency will promote the dissemination of clear information for consumers, something that we are currently lacking. Federal enforcement of regulations will finally provide families in New York the protection from financial services they deserve.
Thank you again for taking the time to share your views on this issue with me. For more information on this and other important issues, please visit my website http://gillibrand.senate.gov and sign up for my e-newsletter.
Sincerely yours,
Kirsten Gillibrand
United States Senator
Dear Mr. Gonzalez:
Thank you for taking the time to contact me about the S.566, the Consumer Financial Protection Agency (CFPA) Act of 2009. I agree with you and support the creation of a dedicated consumer financial protection agency, because I believe that it will create a much needed oversight body to prevent the bad actors in the financial services industry from taking advantage of consumers and prevent future economic collapses like our current recession.
Currently, our government lacks an agency whose primary focus is to protect consumers from this form of abuse. Many families in New York fall victim to predatory financial services, which routinely confuse innocent consumers with complex contracts and pages of fine print. In some areas of New York, as many as 40% of new homeowners took complicated sub-prime mortgages instead of standard products.
The creation of a Consumer Financial Protection Agency will consolidate financial accountability in one place. This will create a standard for federal supervision of financial products similar to what is already in place for tangible consumer products. Furthermore, this agency will promote the dissemination of clear information for consumers, something that we are currently lacking. Federal enforcement of regulations will finally provide families in New York the protection from financial services they deserve.
Thank you again for taking the time to share your views on this issue with me. For more information on this and other important issues, please visit my website http://gillibrand.senate.gov and sign up for my e-newsletter.
Sincerely yours,
Kirsten Gillibrand
United States Senator
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