USA Today: Our view on consumer protection: How the banking lobby tries to undermine loan reform

usat-logoOn October 7, USA Today ran this excellent opinion piece.  Here’s an excerpt:

New financial watchdog could curb abusive practices, limit fine print.

In Washington, it’s always easier to kill a new idea than to promote one. And that’s what the banking industry is counting on as it tries to murder, or at least maim, a plan to revolutionize the way consumer products — from credit cards to payday loans to mortgages — are overseen.

Industry lobbyists are targeting the proposed Consumer Financial Protection Agency (CFPA), which might sound like just another bureaucratic acronym but would be the first federal financial watchdog dedicated to looking out for consumers’ interests.

Read the full article.