This testimony describes why we recommend that consumer protection for financial products and services be consolidated within a new federal Consumer Financial Protection Agency.
A review of the history of consumer protection by the Federal Reserve and the other banking agencies demonstrates consistent inattention, at best, and opposition, at worst, to the needs of consumers. These failures transcend many years and many different subject areas, and show that the problems are institutional, not occasional lapses that have been corrected by experience or that can be fixed by tinkering with the existing framework.
Our testimony describes why we believe that a new CFPA would do better.
See all resources related to: Consumer Protection Regulation