Consumer Law

NY Times: "Warren Seeks to Reassure Bankers on Protection Agency"

By Jeff Sovern

Here.  Excerpts from her remarks, as reported in the Times:

?First, in the weeks and months ahead, I?m going to listen more than I?m going to talk, and I?m going to keep my door open,?

?And second, I am committed to helping build a consumer credit structure that works ? works for families, works for the financial services industry, and works for the American economy.?

?We have a chance to take a step back to ask: What vision should drive this agency? What test should be used to determine when the agency should act, when it should not, and which tools it should use when it does take action? What is the central aim of financial services regulation??

?I come to Washington as a genuine believer in markets and a genuine believer that the purpose of regulating the consumer credit market is to make that market work for buyers and sellers alike: a level playing field where the best products at the best prices win,?

?Where I come from, nobody calls fine print, hidden fees and surprise penalties ?negotiated contract terms? or ?innovations,? ? 

?On a polite day, my brothers in Oklahoma call that kind of stuff ?garbage.? They don?t care if it is there because regulators required it, because the companies? lawyers were trying to ward off lawsuits, or because it was a good place to hide another new fee. They simply see a world in which the financial institutions they do business with are not on their side.?

Full post as published by CL&P Blog on September 30, 2010 (boomark / email).