Many consumers feeling the brunt of the economic meltdown took advantage of a system that had no intention of protecting their needs in the first place. President Obama is currently in the works ofoverhauling the financial regulatory system and creating a consumer protection agency to prevent any other large scale financial melt down from occurring in the future.
The consumer protection plan is a multi-leveled approach to allowregulators more involvement across the entire financial spectrum. Credit card reform and tighter oversight ofbank holding firms, financial institutions and independent borrows are all falling under the guise of this strategy.
Currently there is a 88 page document spelling out the proposed changes including overseeing the entire financial fabric of our nation as a whole abd regulators were entrusted with only looking at individual companies.
One of the main components of this proposal is creating a Consumer Financial Protection Agency with the powers being divided among the Federal Reserve and other government agencies. This department would directly affect the credit card industry as it would require constant review of both credit and lending practices, while establishing a much needed level of protection to borrowers - specifically mentioned are credit card holders.
Be informed about the use of credit cards on Go Banking Rates.
