Great article describing the need for the Consumer Financial Protection Agency

From new deal 2.0:

First, the CFPA will regulate consumer financial products across the board-using the same rules for all mortgages or for all small dollar loans, regardless of whether the mortgage or the loan is issued by a national bank, a state bank or a non-bank.

A research paper is available at CreditSlips.org if you want to learn much more.

From a NYTimes article in June:

But industry executives vowed on Tuesday to fight Mr. Obama’s plan with everything they have, even though banks are still heavily dependent on many taxpayer-supported loans and loan guarantees to get through the crisis.

To me, another reason banks who have been bailed out should not be allowed to lobby for anything until they pay us back. Period. If they didn't want the money with strings attached in Fall 2008, they should have been allowed to fail and sold off. If they wanted the money, there should have been plenty of strings attached to protect us, the tax payers. The previous administration blew it.