Archive for the ‘Consumer Rights Coalition’ Category

Will the Consumer Financial Protection Agency Help or Hurt Hardworking Americans?

Wednesday, May 26th, 2010

One of the cornerstones of Washington’s latest financial regulatory overhaul is the creation of the Consumer Financial Protection Agency, an institution that will oversee most of the U.S. consumer finance market, including credit cards, mortgages and even payday loans. But in the end, will increased regulation help or hurt those looking for reliable credit options?

The executive director for the Consumer Rights Coalition, Gerri Guzman, explores this proposed regulation in a and discusses how it could possibly hurt or help American consumers struggling to make ends meet and find reliable, safe credit solutions.

She writes, “When making policy that will change lives, there is no room for assumptions. Lawmakers need to talk directly to real consumers and listen to their stories. Not to the ’so-called’ consumer groups who pretend to speak for the consumer, but to an actual consumer who got a payday loan when his car broke down and he had no other way to get to work. And, to a consumer who needed a payday loan to pay for an unexpected trip to the emergency room. And, to the many consumers who carefully weighed their options for short-term credit — bouncing a check, overdrawing their bank account, not paying their bills on time — and concluded that a payday loan was their best, least expensive option.”

To read the article in full, .

For more information on the Consumer Rights Coalition and its goal of keeping reliable short-term credit options available to all consumers, please .

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