IL Attorney General Lisa Madigan Leads Roundtable Discussion on Consumer Financial Protection Reform

Written by Jen Hall de Kock, Americans for Financial Reform on September 24, 2009 - 2:00am

Illinois Attorney General Lisa Madigan moderated a community round table at Family Counseling Service of Aurora to discuss struggles with predatory lenders, consumer credit malfeasance and the fallout from the economic crisis here in Illinois and across the nation.

Attorney General Madigan is a leader in the national fight against mortgage rescue schemes, credit report abuses and protecting Illinois residents from deceptive payday lenders.

"It is absolutely critical that consumer advocates join forces at home and across the nation to ensure that President Obama's proposed Consumer Financial Protection Agency becomes a reality," said Attorney General Lisa Madigan.  "Establishing a federal agency with the authority to pass rules governing ALL types of lending and financial transactions will provide significant consumer protections.  It will provide a voice for consumers on the federal level that has been sorely lacking."

“As we continue to witness families struggling with high cost credit cards, toxic mortgage lending, excessive bank fees, and abusive auto title and payday loans, all in a largely unregulated market, Illinois families could greatly benefit from a federal law that ensures consumer protections for financial products, said Lynda DeLaforgue, Co-Director of Citizen Action/Illinois

“We strongly encourage Rep. Bean and Foster to support HR 3126, The Consumer Financial Protection Agency Act,” said Tom Feltner, Policy and Communications Director at Woodstock Institute.  "The CFPA will provide a strong and stable regulatory foundation for states to build lasting protection against systematic financial abuses.”