Opposition Grows Against New Consumer Financial Regulation Agency
Opposition Grows Against New Consumer Financial Regulation Agency by: Gabriel Rodriguez
Consumer Financial Protection Agency: an overview,” the creation of the Consumer Financial Protection Agency (CFPA) was marketed as a precautionary step to protect consumers from “predatory” lending practices, and to help avoid another economic meltdown, reports Pay1Day.com. Protecting working class Americans after all, would be the primary function of this stand-alone agency so there wasn’t much opposition to the proposed CFPA other than a few small business and alternative lenders, such as direct payday lenders, who feared the seemingly un-restricted power of a new regulatory body. But now the opposition toward the creation of a stand-alone regulatory body seems to be gaining momentum every day as more and more details of the CFPA come under scrutiny of the media and other organizations.
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