CFPB: Fighting for Consumer Protection

Where is the line between infringement of rights and consumer protection?  Starting July 1^st 2011, the Consumer Financial Protection Bureau (CFPB) will begin to protect American consumer interests against the predatory practices of certain financial products.  The President and CEO of the Consumers Union, Jim Guest, claims that regardless of political leaning, protections from “unfair, deceptive, or abusive financial products” are needed to discourage the promotion of business models that knowingly endanger the assets and well being of consumers across America.  The federal watchdog has received heavy preemptive criticism from “detractors…labeling the bureau anti-bank, anti-growth, and anti-American.”  Consumers Union’s intent is to continue to provide to consumers “transparency, truth-in-labeling, and safety measures for everything from canned peas to cars.”  Consumer Reports, March 2011        

The CFPB has clearly outlined its goals to stop credit card companies from over-charging for late and repeat late fees, encourage credit card companies to standardize protection services regardless of method of payment, require bureaus to fix mistakes that they have made, and protect consumers from mandatory arbitration and emerging scams.  How can you help in the fight for consumer protection and increased transparency?  Talk about it.  Tell your neighbors that that the CFPB is on its way to fight against harmful financial products.  Starting July 1^st, the CFPB will have to put its money where its mouth is.  Help give it a voice. 

To find more information about Consumers Union, please visit www.defendyourdollars.org