Failure to disclose interest rates, adequately supervise third party loan arrangers acting as agents of national banks, and maintain sufficient capital-these are the same criticisms my organization and others lobbed at the mortgage industry long before its collapse. These criticisms apply just as well to the tax refund loan industry. Rather than wait, we ask federal banking regulators to take additional steps to protect consumers now — before another $114 million in potential assets are lost this tax season.
from the president
With the stock market up and bonuses flowing again, things are looking better for some Wall Street firms and employees. Wall Street interests are continuing to pour millions of dollars into blocking financial reform efforts. Some may be lulled into thinking that reforms are unnecessary.
The Consumer Financial Protection Agency (CFPA) could address problems that plague our financial system today, such as deceptive-by-design loans, misleading advertising, and contracts with terms buried in fine print. The CFPA would not only make financial products safer and improve the economic lives of consumers, but also lay the groundwork for a healthier, more transparent financial system and help prevent future financial crises.