The American Bankers Association has come out against a proposed Consumer
Financial Protection Agency. The head of the association said the proposed
agency will not serve its purpose 'because of the unworkable conflicts it will
inevitably have with a bank's prudential regulator, the increased regulatory
costs and burdens on traditional banks, the sweeping new powers it is
given...and the lack of sufficient focus on the shadow banking system.'
Surprisingly, Larby can't believe that the creation of a protection agency would
be a bad thing in any case.  Consumers need as much protection as they can get.
 
Larby thinks that an additional consumer agency may be able to educate people
about their rights as consumers. Consumers have legal rights, and should be able
to sue banks that unfairly take advantage of their customers. Larby hopes that
the ABA will come to its senses and support this measure, which blatantly helps
consumers. Overall, the banking industry clearly needs to undergo major reforms,
and consumers should be put at the forefront of these measures. Larby thinks
that this economy has proven a point about the previous system, and its
unsustainable methods. Read more at larbyamirouche.com.