Whether government run or independtly run, we truly NEED something like this. We're completely at the mercy of the businesses fighting this. It's about time we're given some power to help us understand and navigate their systems. I predict a HUGE backlog, however, if this comes to fruition.

I think that any organized banking industry that cannot regulate itself will fail on a regular basis as they have in the last few years. The taxpayers are always bailing out private capitalistic endeavors that go broke after screwing the public and still have the gall to reward those at the helm with ill gotten profits in amounts that are unfathomable, millions on millions for taking advantage of the consumers. Has everyone forgotten that these organized shylocks have needed our tax dollars to maintain their thievery? Wake up people, they could care less about the people just as long as the very few can become extremely wealthy with our hard earned dollars. Not only do these agencies need regulated, they need to be broken up into smaller companies and we should end this era of monopolies. They have done enough damage to the public for sake of their own greed.

The fact that corporations are lining up to fight this is a blazing example of corporate Americas contempt for the American consumer. They want our money without conditions or personal or corporate responsibility. Despite the fact that this attitude caused them to lose TRILLIONS over the last year, and despite the fact they took our tax dollars to save their sorry asses they are fighting to ensure the system never changes and are aligning themselves for a repeat performance. Isn't one definition of insanity is doing the same thing over and over and expecting different results?

Let’s start with the basics, folks. Spellcheck before you post. Makes your blurb (and yourself) a lot more credible. And did I mention: spellcheck before you post ?

Everyone is talking about Global warming,and not having enough natural resources. There is something to be said for planned parenthood. If we as a speices would have one offspring each for 5 generations the related problems above would be solved. The lack of people would create jobs, lower the CO2 output and other related gases, stretch our natural resources and everyone would be much better off.

There should be term limits on all government employees. A four year term max. This will get fresh faces in and the good old boys and girls out.

More B$ government is not what is needed - the current rules and reg are not enforced NOW - look at Madoff. Government is the worse at enforcement of its own rules and regs. IE. illegal imigrants, banking fraud, fiscal/budget management. Everyone has a choice currently to use lenders that are fair THEY ARE CALLED CREDIT UNIONS. check em out - I do not use big banks anymore...

Here's a novel concept. How about everyone takes responsibility for their own actions? If you can't afford it, don't get it. If you're asked to sign a contract, read it first. Instead of starting yet another government agency to spend our tax dollars on, let everyone step up and be responsible for their own actions. There isn't a single government agency that runs effiently and is focused on the best interests of the people. Why would anyone think that adding yet another agency would do any good? It will be just like all the others. More expense that will be tied up in bureaucratic red tape with the companies that have large violations and need regulated and fined being protected by their friends in congress.

Take responsiblity for yourself and your decisions, and stop blaming everyone else. I'm tired of spending a small fortune in taxes for the government to spend it fixing your and their mistakes.

Socialism

And we thought health care reform was the mother of all battles. Watch this one. Lot's of special interest and $billions at stake.

Wake up people, as Thomas Jefferson warned "A government big enough to give you everything you want, is big enough to take everything you got" along with your freedom. This country has been rapidly going down the tubes for the past 50 years all due to inept congresses. If we don't clean out the Congress in 2010 we will get what we deserve. I for one will not vote for a single incumbant in Congress. This country is in dire need of term limits on members of Congress, and "Sunset Laws" to get rid of outdated and ineffective bureaus, agencies, commissions etc, etc,that do nothing but spend taxcpayer dollars. Get the Big-Brother government off your back he is too heavy to carry.

So how many of you that are advocating this agency.
1). Have teribble credit due to your own lack of responsibility.
2). Lost a house because you over extended your credit.

If those words are to big for you to understand.
1). You didn't pay your bill's. Car loan, utilities, doctors, hospitols, credit cards. YOU HAVE BAD CREDIT NOW because of it.
2). You make 12 dollars an hour but expect to be able to afford a house worth 200,000. In other words, you boguth something you couldn't afford.

Now, for all of you that said yes to either 1 or 2. Your blameing the banks because you didn't do your job? Pay your bills? Asses and evaluate what you could and could not afford?

American's need to learn to accept responsibility for their own actions. Once that has occured, then I will be more then happy to see more regulation.

By the way you liberals. NO, I do not want more laws passsed to make it easier for people to be STUPID. I do not want more laws passed to make it easier for people to NOT BE RESPONSIBILE. No I do not want more laws passed for people to PASS THE BLAME TO OTHERS.

here are a few simple rules of thumb people.
1). Can't afford it, don't buy it.
2). If you borrow, PAY IT OFF.
3). If you want something expensive, YOUR GOING TO HAVE TO CUT BACK ON OTHER THINGS.

People are stupid. Just look at these posts.

Rather than say "let the fight begin", perhaps more appropriate is "let the "games" begin. If America is of the people, for the people, and by the people (the consumer), isn't it time that the individuals that make positive change to fix the mess( our President ) be given the authority to put the burden on those that "schistered" the people in the first place? Review to assess, use the skill of a warrior to execute, and let no holes be barred. How about execution of an "11th Commandment". Do unto others as you would have them do unto you!" We will not fix the problem by adding more, unless we first clean up the first mess. As any engineer will say, "it is unwise to build a skyscraper in a quicksand pit!"
So strip all the BS, and start pouring a whole lot of concrete, back into the foundation of this country.
To those that have the courage, Do not stand down! oundatoip

Only an absolute MORON would be against this plan. Let's face it, the current system only works for the greedy financial institutions.

How exactly is it the corporations fault? Did they "FORCE" these individuals to sign-up. If there weren' a bunch of thoughtless people signing up there would be no crisis. Think clearly folks before you jump on this bandwagon because the mext regulations could come after the company you own or work for - then what will you do?

What about personal responsibilty for one's own actions, reading before you sign, researching first. Using your own brain rather than letting the Government think for you? Just more Big Brother instrusion into our lives. Wake up America while we still have a choice

Anyone have to be a fool to think that banks and businesses will regulate themselves. It's like a murderer saying he promise to stop murdering people and the court let him loose base on his so-called 'promise'. Same with a lawyer representing himself in a trial or a doctor diagnosing himself. Without *some* government regulations to control these out-of-control greedy people, we *will* have another finacial collapse in the future.

So for those who think this is a bad idea, this agency is to protect the consumer from *bad* business practices, not to stop businesses from doing business.

For example, I know for sure there are many consumers out there who complained about their credit card rates going up even though they are not in debt, pay on time, etc. So why do the companies raise the rate for no reasons? This is financial thinking and practice.

Let's all just stop using these corrupt entities, it's as simple as that. I know it will take a lot of sacrifice, but it is a sure way to kill these pig's

Simply hold individuals within corporations personally responsible for their actions. If an individual makes a decision that is illegal or not within the terms of a contract, then make them financially responsible and make corporate officers personally responsible for the actions of their employees. If I knowingly make or sell a product that is defective or dangerous, I should be responsible both financially and criminally. That would solve 99% of the problems because if you cheat and get caught, then you have to do more than simply make a financial settlement.

I live in Oklahoma and was just starting my family when the collapse of many Oklahoma Banks and Savings and Loan companies happened in the 1980's. I (albeit stupidly in retrospect) believed that the Feds created better monitoring, regulatory rules, and lending practices after this financially devastating event for a lot of Oklahomans, many of whom I knew personally. Suddenly there were credit unions popping up allover Oklahoma and I myself was one of those who left the banks behind and joined a credit union for the safety of my money.
If everyone will look back at the cause of the great depression, if I am not mistaken, it was caused by Wall Street then. Now take a look at the recent collapse and who was at fault? Greedy Wall Street once again. The answer here is stop Wall Street in it's tracks by forcing companies to make it on their own merits,put an end to publicly traded corporations. Yeah, it would smart for awhile, but we would never be faced with this problem again. Hmmm, making money the old fashioned way with good old blood, sweat, and tears and without gigantic bank loans backed by publicly traded stocks, what a novel idea.

A friend of mine is in a dispute over his loan with a bank. He refused to pay on the loan untill the bank fixed it. The bank was trying to advance his loan without his permission. He has 15 months left on his loan contract but only 6 months left in payments because of the banks demands of him to pay off the loan as quickly as possible because of the bad economy. When he finaly had enough and stopped paying they said he was in default!! No new contracts or anything! They are trying to now take his property away from him in court! He tried to cash a good check drawn from that bank at that Bank and pay on his checking account. The bank refused to cash it unless he paid off his loan in full! And wouldn't take his money for his checking account!! He ended up bouncing checks because of it! And the bank had the gaul to charge him for the checks! And are suing him for that also! they have ruined his credit on top of it. Before any suit was even brought to court! he has filed a counter suit and requested a jury trial. The bank is now frightened and the lawyer for the bank has told them if he takes it to jury trial find a new lawyer! No jury in their right mind would find in favor of the bank. This is the type of abuse consumers are facing every day. It is about time a consumer protection act with teeth was put in place.
I am getting dragged into this as a witness because I was with him every time he went to the bank and he recorded it all on his cell phone.
Banks are crazy and useless. And to think WE BAILED THEM OUT!

Get rid of the credit bureaus and get rid of Fed Reserve act of 1913.

"It is an idea whose time has come. Financial institutions that caused the collapse should have seen this coming. Millions of people lost their life savings. We cannot continue business as usual. Small government means ineffective government. It means a free wheeling and dealing business environment, where consumers are just pawns in the financial game. No, this new agency is needed and needed badly. - Joe, Augusta GA.

I absolutely agree with you, Joe. I suspect that the people fighting the creation of this agency are wealthy, closet wingnuts in the corporate boardrooms of America that believe in a "free market" state of anarchy. This lack of consumer protections doesn't benefit anyone, not even the CEO's at the top of the "Reaganomic trickle-down" food chain.

More legal confetti with a view towards obfuscation. Close this session of congress. They are after our hats, rear ends and overcoats. As Oliver Cromwell said, Go! For the love of God, please go!

An agency to protect the financial interests of consumers?

What a concept.

Just goes to show that the "FREE MARKET" has proven time and again that it is UNWILLING to POLICE THEMSELVES from engaging in greedy tactics, because it is UNPROFITABLE for them to do so.

I say, BRING ON THE OVERSIGHT. IF THEY DON'T, WHO WILL?

Jesse James, the bank robber from the Old West, supposedly was rumored for making this comment that still rings true: "BANKERS AND POLITICIANS? SCUM!"

Gordon dan diego First , I did not vote for Obama, but I did see take a country from the brink of disaster, turn around and start building again. I have seen where you conservatives took this stock market down to 6500 jump back to near 10,000 in the few months that he has been in office,and yet you conplain. You talk about him not doing enough, so tell me how anyone could have done as good as he. You conservative had you chance and nearly destroyed the country. I tnink that it is time for you to stop crying and give this man a chance

I hope this consumer agency can be created even with the resistance of the power mongering lobbyist and the bribe accepting congress. But it'll require everyone to be sending petitions and complaints to your senator to make them uneasy and feel like their incumbent seat would be threatened if they didn't support the creation of the agency.

oh good! another worthless government agency that won't have any problem doing nothing like all the rest of government

The big banks and the ABA claim regulating their excessive fees will somehow raise what they have to charge their better risk cutomers.
It's all B.S.
Their terms are deceptive bait and switch. All that requiring honesty and fairness in their offers will do is level the playing field between them and the smaller community banks and credit unions by allowing consumers to compare terms with more confidence that the terms will actually be honored.
If this costs the big banks some profits and reduces bonuses to their officers, so what?
If they can't be competitive on a level playing field, all consumers will benefit if retail banking business shifts to those banks that both offer and deliver better terms.

Not sure if you all exactly understand how consumerism works. See, businessmen dream up ways to make money - usually by offering something they believe the public will pay for. Consumers decide when it is offered to them if it is something they want, and if they do, an exchange occurs. If not, no exchange occurs. Later, after the product has been consumed, or for the less sophisitcated among us, used, then the consumer has the opportunity to decide if they want to repeat the experience.
The point is that business makes money by FINDING something to peddle that PEOPLE WANT. You want a credit card, then they offer it. You have a less-secure situation than your well-established neighbor but simply HAVE TO HAVE the credit card so you can keep up appearances, then you will have to accept a more expensive option to compensate for your riskier profile. Pretty simple.
The PROBLEM is not that consumers need protection from the big bad evil business, its that we need to be able to see behind the curtain so we can make educated decisions and accept the risks ourselves. That is called education, not regulation. Perhaps instead of creating a new, unfunded office to suck our tax dollars, maybe new proceedures need to be in place to ensure that the businesses are forced to educate us more clearly than they do now.
Really how many of the people claiming to be hostages to banks and other lenders really investigated what they were getting into? That, people, means reading the fine print. Perhaps it needs to be more concise and even written on a 7th grade level, so all can understand. But do we really need another police force with a yet-undecided payroll to accomplish this?
I feel we don't. I don't want to pay more taxes to support more people on the government's dime.

AMERICA WAKE UP. CAMPAIGN FINANCING AS IT STANDS IS CHOKING THE LIFE OUT OF THE MIDDLE CLASS. POLITICANS ARE CONTROLLED BY OUR METHOD OF FINANCING THIER CAMPAIGNS. WE MUST WAKE UP THIS REALITY . A VERY IMPORTANT ISSUE IS BEFOR THE SUPREME COURT RIGHT NOW. A VOTE TO GIVE CORPORATIONS THE RIGHTS OF A PERSON IS LUDERCROUS. SEND THEM A MESSAGE PLEASE.

Why would there be a fight? It's all good, right? "Protect the consumer"... "stop climate change" "health care reform"... Does every politician think every constituent has "STUPID" written upon their forehead? Like most recent big-money legislation, it's all about bilking the American taxpayer and future generations for the sake of lining their own corrupt pockets... These politicians are trying to consolidate power and suck everyone dry of their money, life, and will-power. These corrupt power-mongers have become so emboldened by the historic lack of an outcry that they blatantly thumb their noses at the American people... they don't seem to realize that the power to govern is granted by God, and comes from the will of the people willing to stand for it...

Like the tax code and so much other 'regulation', this is an other attempt to make a stick and carrot the government can use to exert more control over our economy... A carrot to funnel funds and perks to their own corporations on whose boards they or their friends and family members sit, and a large spiked stick to bludgeon those businesses that don't get in line or represent free alternative competition to their personal financial interests. Washington better wake up... the framers never intended this travesty of a government that exists today... May God have mercy on all our souls and my He and our neighbors and future generations forgive us for allowing people like this the power that they currently have.

What an interesting discussion. One comment that someone made was that Govt has no right to tell businesses how to do business. WAY INCORRECT!!!!!!One of the tennents of our Govt is for it to benifit the general welfare of the PEOPLE. In that respect, and a founding one at that, Govt not only has the right but the expressed and implied consent of the people to regulate business affairs. My idea is the abolision of "Corporate Personhood" wherein a non-human entity (Business of your choice inserted here) obtains and maintains the same rights and privileges of a human entity (WE The People). Abolision of such a pretext would have not allowed such things as the loss of usery fees, non-binding arbitration, and the eneormous number of complex laws that have been emplaced to control businesses. Make corporations non-Human entities and therefore exempt from the rights of people....problem solved.....POWER TO THE PEOPLE

THE MORE THE GOVERNMENT GETS INVOLVED IN ANYTHING
THE BIGGER THE MESS IT CAUSES.

I work for a small community bank and we are regulated to "death". It is not our fault that the bigger banks had problems, but we are having to pay the price and it is not fair. The government is making it harder for people to qualify for mortgage loans and the consumers don't realize that if the banks can't charge overdraft fees, their checks will not be paid at all by the banks.

Ummm what people fail to realize is that the banks arent taking advantage of you. You signed contracts, You took out mortgages, You used credit cards running up a huge bill. The worste is when I hear people complain car dealers took advantage of them with a high monthly payment or rolled in payments and they are upside down then let the car get repoed. Its always everyone elses fault but your own. Now everyone whines they need amnesty and lower interest rates when they cary huge balances and used mortgages as atm cards.

When credit card companies can charge up to, and perhaps more than 34% interest it can safely be said that consumer protection has gone to the wayside. These companies have become loan sharks forcing many families into bankruptcy. A new agency is badly needed as well as strong regulations on the free market.

Here is yet again, another bill designed to help the consumer/average person against the banks and credit-card companies that abuse them and everyone has been complaining about, but after certain pundits and radio show clowns have spun their tale of it, those consumers and average people the bill was designed to help, will be against it. Business as usual in the U.S.A.

They still don't get it.... STOP SPENDING AND QUIT GROWING GOVERNMENT! Jesus, didn't 2 million people on their front lawn tell them anything?

If the current departments aren't working FIX THEM not create an even bigger more expensive mess.

As for the consumers, you could just not use those companies and they would wither and die.....

Hey, I have an idea. How about congress start writing rules and regulations in "plain" english. Maybe then they could actually understand what they are writing, and so could the agencies, banks, businesses, and citizen!!

And how about our legal system actually enforcing the laws? Or the court system, IRS, et al, actually reading the laws and rules for what they actually say instead of constantly trying to interpret what they think it says (ref above statement about making our plain english).

How about eliminating legalese and congressional attempts to show how smart they are by using language and terms that only a lawyer could possibly understand?

What we need is not more government, more rules, and more regulations. What we really need is a smaller, more efficient government with practical rules and laws that are easily understandable by the average American. Laws and rules that don't allow for interpretation by some schmuck judge or corrupt congressman with an agenda!

You know, like the Constitution. If people just read the words and took them as they were written, we would have a totally different society, a much better one! Instead of trying to "interpret" what was said, just take it at face value. I'm quite sure our founding fathers did not believe that burning the flag had anything to do with free SPEECH! Or that peeing in a jar and sticking a crucifix in it would be considered art (freedom of expression). If you want to interpret what the framers meant, you must also consider the people that wrote the Constitution and the ideology of the time.

Before retirement I was a state regulator for twenty years dealing with the proprietary school industry and have come to understand through experience the need for effective regulatory programs. Although the current focus is on banking and finance, our (state and federal) collective experience regulating the proprietary school industry can serve as a useful parallel example, albeit on a smaller scale. Weak and ineffectual regulation of proprietary schools came to a crisis in the late 1980's with examples of industry abuse of the public trust showcased in investigative news articles such as the Chicago Sun Times "Brocken Promises" series. Public outcry and governmental embarrassment followed resulting in some effective (and some not so effective) legislation to correct the problem subsequently reigning in some of the worst financial aid abuses. Unfortunately, as is too often the case with much ballyhooed legislation what results become unfunded mandates over time. Too little (or no) money allocated to hire and train effective regulators and little interest over time in sustaining regulation in the long term conspire to defeat good intentions. The states and the “Feds” have to be on the same page and work in concert to make things happen effectively. Unfortunately with private vocational schools at least, the states in the first place offered only a patchwork quilt of regulation to back up those of the Department of Ed. Some fore example, such as New York and Texas continue to staff their respective departments regulating this industry and provide a fair degree of consumer protection while others such as Illinois have failed. As an example of how far down the “slippery slope” things can go, Illinois government has allowed its State Board of Education to almost completely abdicate regulatory responsibility for the proprietary school industry through lack of interest and attrition although the statute mandating agency regulatory responsibilities remains in effect. Greed fueled by big money interests will fervently work to undermine our best regulatory efforts unless we take additional measures to curb those influences.

What is it that everyone wants the government to control everything for them. Do you people not have a brain in your heads. There are choices you can make, it your not to lazy ! If you don't like or are not getting the service from your bank, or other business, to to another one who will give you that service, quit setting on you fat asses and begging the government to take over everything. I can tell you if things keep going as they are, you will one day wake up and you will have not freedoms to complain about. The House Health bill, as it now is written, contains provisions to take away your rights under the 3rd,4th, 5th, 9th and 10th Amendments to the Constitution so I guess all you who don't want to take the time to make any decisions are in total agreement with that. It also transfers practically all the powers of the House and Senate (separation of powers) to Obama's executive branch, which will make him the Dictator of the Year ! Get you heads out of your A--es and start thimking for yourselves while you still have an chance.

All the congressman should be in jail for accepting bribes from lobbyists. But we the citizens can go to jail for accepting a bribe, the congressman can get away with it, because accepting a bribe in Washington is consider lobbying and not a bribe. So in their terms, it's legal. Such B.S.

The Banks and Big Corps should grow up. They are the ones who are trying to screw over the consumers anyway they can, banks and big corps got no morals whatsoever. If they stealing and become honest than maybe we wouldn't need a new consumer agency. But Banks and Big Corps can never be honest. All of them are crooks.

Whatever, "action" Congress takes it should not be a knee jerk reaction, but a reasonably thought out response to consumers inability to cope with the financial community as it currently exists. It should be a win-win for whoever is impacted by their legislation.

While we are at it why dont we turn over complete control to Obama and the TOO BIG Big Brother. Let them regulate every part of our lives. That way we dont have to think for ourselves, or do for ourselves. That sounds familar Oh yeah it was on Wall-E when everyone from earth was useless and blind to what they had become. It is a sad day.

Let the oh so big banks fail. Get them out of the picture. The local community, and independant banks are still sound.

Why should we have and agency to protect consumers? It would make it so much harder for us to be cheated. Why would we want to do that, the thieves may have to spend a few more dollars to be honest.

**"Fight begins over new Consumer Protection agency"

So, does that statement mean that the God damn banks don't get it yet? You politicians out there had better have your tinnitus ravaged ears to the ground and listen very, very closely to the rumble WAY down in the ground. That sound you hear is the consumer BEAST; Chained at the neck and looking for blood. The party's over Mr. and Ms. Corporate friendly Congress men and women. The continuation of the excesses that the deregulated banks have enjoyed under the care of the past administration, need reigning in. The Consumers in this country need protection against the sharks in the water. REGULATE THEM. **

VERY WELL SAID!! We need to reign in Congress also and not allow them to vote themseles raises at our expense. They need to live in the real world just like the rest of us that have to fight for healtcare and everything else.

CONGRESS: come live in our shoes for a couple of months!! Oh, and leave your credit cards and wallets at home!! Let's see how YOU do!! Maybe then you will FINALLY understand!!

You in government seem to forget that you are public servants and that you work for US, WE THE PEOPLE!!

Gordon of San Diego,you ask where is the credit card reform that Obama offered,did you watch the news last week,I guess not,maybee Glen Beck.

Every hardworking man and woman knows we need this and should keep a close eye on how their local representative votes on the issue and what "changes" they recommend "in the name of the consumer." It won't be too hard to tell whether you are truly being represented or not.

The reason why government regulation IS NEEDED is because corporations do not have to regulate corporations.

Finally an agency to protect the consumers. The banks and big corps got nothing to worry about if they do nothing wrong. All of them are worrying, because they know everything they do are to screw over the consumers.

Imagine if the NFL, NBA, MLB etc. didn't have a commission that set the rules of the game. And on game day, one team shows up, with their players jacked up on steriods, sandpaper in their gloves, corked bats, spikes in their padding, off-sides from the start etc, their own shot clock timer etc...etc... and they never get called and win the game?

Sound about right "don't regulate the free market" conservatives?

Can we put it in simpler terms for you?

You know how it is said that "Communism only works on paper" and "Socialism only works on paper"? Because laws discouraging profit allow people not to do anything.

And you are seeing now that "Capitalism only works on paper". Because laws controlled by profit allow people to do anything for it.

The point. There is a time and place for each type of government depending on the nature of the circumstances and none will work forever, or on their own. There needs to be a balance. And there isn't one.

Maggie, "What if . . . ". But that would not be Capitolism.

Have you heard of the Consumer Product Safety Commission, which was established in 1972. If your facts are that far off, why should anyone take you seriously?

I spent 8 years trying to pay off a credit Card from Advant* (I won't disclose the whole name) they rip me off badly it is time for them to learn that WE are ok, that they have to make money what is not ok is to be greedy, we need the money for our businesses and homes and family problems, they need to be repaid, but MAYBE if they are less greedy, and more human would have more success

To all the clueless "big government" and "personal responsibility" commentors:

My credit card limits were cut by 75%. Why? The credit bureaus allowed an entity, which was virtually unidentifiable, to report a false claim on my report.

Did they tell me before they allowed it to go on my report and give me chance to dispute? No. I found out by getting a letter from my bank about why they droppped my credit card limits.

So I then disputed it, which took 2 months. It has since been removed from my credit report. So when I went back to the bank, with all my documentation, to get my credit limits returned to normal it wasn't a case of "I see, it's a mistake, we'll fix it" I had to reapply and go through financial questioning.

Did the bank reassess my financial circumstances before they got the false credit report? No.

Did they try to reaassess my finances and deny me getting back what shouldn't have been taken? Yes.

And even though the claim has been removed, I now have a credit report that states that my credit card limits were dropped.

So should actions taken by the bank based on false information by credit bureau be on a report by the bureau? NO!

But are they on there? YES!

Now, should I have to pay a fee to the credit bureau (who we don't actually do buisness with) for one of their creit reporting products to make sure they are not reporting false information? NO! I pay my bills. I know my credit is good!

It is absolutely criminal that a) the credit bureaus can put false info on your report, and b) the banks can drop your credit limits without notifying you first.

Oh... But I appreciate them letting me know after they just screwed me.

This has nothing to do with people that can't manage their money.

Yes, this is long overdue. And while we're at it, let's restrict the use of mandatory biding arbitration by ALL business, not just banks. That is so far out of control it's crazy!

One thing I'm not clear on, though. When I hear all of the talk about rebulating "banks", does that include credit unions? Many of them have become just as fee happy over the past decade as the banks. They need to be pulled back into line as well.

More beauracracies.... not good. Why not transfer the functions they describe, and the people, into the consumer product safety commission instead of a new organization ?

What makes me the angriest about all of this is the story of that executive who only stayed a month at Bank of America and spent $1.5-million to redecorate his office before he was let go. That was a waste. What was wrong? His predecessor's "feng shui" was off?

What if Congress and the Senate did not get lifetime benefits and lifetime pay? What if, they suffered like many others are suffering? What if they distributed all the campaign funds and built low to middle class housing without all the fees, but with a central medical clinic and dental clinic wherein interns or doctors volunteered their services and monitored these housing units... what if we worked for the people and of the people instead of the fat cats? what if a catholic citizen who cares and shares and prays for all leaders and people of all nations... Coconut Creek, FL

but what about the small community banks? You know the ones that played by the rules? The ones that didnt get in on sub-prime lending. The ones that are still strong, and growing. Regulate the big banks, and the ones that messed up. Leave the community banks alone. And why should our Fed rates go up becuase of other banks failed.

YES, EXCELLENT. MERCHANTS HAVE NO MORALS AND ABUSE THE UNPROTECTED CONSUMER..YES, YES..CREATE THIS AGENCY ASAP..THANKS G-D

j ryan ,you arent to bright are you?. you say" Another attempt at taking away responsibility from the individual and giving it to big Government. " how so?
oh no!!!!...putting laws in place to stop corporate america from running roughshod over the common man...it must be big government!! the reason they are doing it is because the common man has no recourse . ever try to fight a bank over a fee? or stop them from just changing credit card policies whenever they feel like it? these rules are needed. i am sick of the big banks..tough luck if they dont want new rules..they screwed up. they get new rules now!

When the banks and the not for United States US Chamber of Commerce oppose it - you can bet money it is GOOD for the consumer. The Chamber of Commerce is pushing for amnesty for illegals, pushing for ANYTHING that hurts jobs and pay for AMERICAN CITIZENS and supports the thousands of foreign workers being imported by big business so they can pay lower wages and no benefits, putting CITIZENS of THIS nation out of work. Ms. Warren is doing a good thing for the people of our country. It is refreshing to see somebody who is listening to the people perhaps - Let's hope we, the people, push OUR reps hard enough to let them know if they don't support regulation, we are downsizing them asap. Check out www.numbersusa dot com for more info on our sorry Chamber of Commerce. THAT agency should be dissolved immediately. www.numbersusa dot com

Sure, there are outright violations of law perpetrated by businesses, financial and otherwise. Those should be curtailed and punished as practical. That is not the main problem.
Generally speaking, if you can't read, or can't be bothered to read, you shouldn't sign contracts. Or, don't whine when the contract is enforced. Why would you expect a public servant to live by their sworn oath when you want to bail on your legal contract to repay a debtor? Shame on the citizenry. That is the main problem. Grow up.

The Financial Product Safety Commission will continue the dumbing down of America. How hard is it for people to remember "If it sounds to good to be true, it probably is." And if you don't like who you're doing business with or how they're treating you, find someone else to do business with. It appears that common sense is dead.

The whole point of government is to be the police when other things can't or won't police themselves. Banks, Wallstreet, and others have a proven track record of refusing to police themselves. That is why government has to do it. That is not government take over that is truly doing what is good for all business and the economy.

The politicians that say "We already have this in place, we don't need another agency" need to be put in shackles and held up to public ridicule as true, stereotyped politicans, liars, thieves, money-grubbing servents of business versus servents of the people that elected him/her.

Oops. Washington would be out of business.

I lost my home in foreclosure because the Office of Thrift Supervision did not carry out it responsibilities as a federal regulator of federally chartered savings banks. The Office of Thrift Supervision committed malfeasance in their lack of supervision, regulation and enforcement of violations of laws, rules and regulations committed by my federal mortgage lender.
The OTS has no credibility, but with out a doubt has culpability. A better way to describe the Office of Thrift Supervision is the Congressional regulatory agency that has made misfeasance an art form.

The OTS stated 12-19-2006 in writing that there are “No Consumer Federal Regulations” and therefore would not help me. This lack of legislation to prevent the aberrant lending behavior by federal banks by the Congress is by design. The Congress failed in its responsibilities in oversight of the Treasury Department /Office of Thrift Supervision.

Based on the fact of millions and millions of foreclosures were the mortgage borrower has no rights and no voice added to the fact the federal regulators were negligent in performing their responsibilities with a Congress that was complicit would suggest many foreclosures that were filed by Banks were with out merit.
The answer to regulation actually is very straight forward - include the federal mortgage borrower in the process. Let the borrower become an equal participant in the solution of a problem through neutral arbitration with their federally chartered bank who legally owns and holds their mortgage.

The Solution is like the Smoke Detector in a house. When there is a fire the smoke detector goes off. My smoke detector is the borrower. By allowing the borrower to file a complaint to a third party within the regulatory system that has authority to arbitrate, it alerts the regulator who supervises the bank that there is a consumer or operating problem. From there the regulator can determine what kind of red flag has been raised, how serious the problem is, and if it requires more attention.

To create a transparent federal mortgage loan transaction and fair equity, and to insure ethical conduct of the parties throughout the life of a mortgage loan, give equal rights to the parties of equal weight by engaging a neutral designated arbitrator to help problem solve a fair and equitable solution to the issues raised by either party.

Establish rights for a mortgage borrower to question, object or contest what they consider unethical lending behavior on the part of the federally chartered savings bank within the same regulatory system in which the bank lends mortgage money. This would result in productive and effective solutions to problems that normally would turn into a lawsuit or foreclosure.

A new federal consumer agency will be more of the same “feel good” and “trust me “agency bloated with people that do the same job the regulators do today which is absolutely nothing.

Michael LittleBig
PO Box 16588
Rocky RiverOH 44116

So far all I have seen from the Obama Administration is talk with no substance. Where is the Credit Card reform we were promised? What happened to the 4 million jobs? What happened to the millions who were to be saved from foreclosure? Health reform no one wants because Obama only talked to the Insurers and Pharmaceuticals.

With regards to banking - want to fix it? Allow ordinary people to take their grievances to small claims again. Once banking got mandatory binding arbitration in place, all was lost! Whatever Obama is planning, it will not help any of us. That is for sure!

It's rather tiring to see the old "more government, more government, the sky is falling" arguments again. This isn't more government. This is streamlining government and taking employees and functions away from other agencies. The size of the government stays the same, it is just better organized. I really wish people would read the entire article before commenting on it.

Sure, another government regulator will certainly help all of us. Just like the SEC has protected so many of us from these ponzi schemes. Just like the Dept. of Immigration has been so successful protecting our borders. Please, the gov't. can't do anything right, and instead of fixing the existing problems, Obama just wants to create more dregs to our economy.

P.S....They don't return calls (in S.C.)...Probably too busy....

Hey Stevenin America, This is about protection the consumers not the banks. The banks can protect themselves, though you can't tell that from last year. Banks still got alot of bailout for their screwup. And tell Becky, Central PA, this power should be taken from where it was abused and not functioning properly and placed where there is only one goal...consumer protection, and centralized. Cut the red tape.

This is the most welcomed news to be heard in years. The powerful banking, drug, oil, and insurance lobbys have raped the planet, and do not/will not give up easily, as they are draining off the wealth of the world. Just look at the Republican voting Halliburton, Blackwater, Brown & Root, and other no-bid contracts that have profiteered off of the blood of our children in just the Iraq War alone. HAD WE BAILED OUT THE LITTLE GUY AND TAUGHT HIM TO BE MORE RESPONSIBLE, the banks would have been automatically relieved, and the problem diffused. Instead, we bailed out the greedy rich and left the ones who could not pay their bills to fold. Those people did not want to lose their homes, don't be stupid. Now, there was a high percentage of 2nd home owners that do not fall under that excuse, and that's a different story. Banks who do not follow ethical procedures whould be penalized or have their charters removed. Let their investors take the hit, that is what inveesting is all about. We do not need to protect a snake like Wall Street. Their field is risk, and they should TAKE it. As for the Chamber of Commerce, they are paid shills for the big corporations, and do not, have never, had the best interests of small businesses at heart. You never see them extending helping hands to small businesses, instead you see them calling non-stop for handouts from them. Donate, donate, donate and pay are what they ask from small businesses. Just another layer waste.

Consumer protection??....What a JOKE!!....
No such thing in this country...A person can hardly leave the house in the morning and return home without getting screwed over at some moment of the day...EVERY DAY....
I believe that there are (still) only 2 consumer protection lawyers in the state of S.C (a man and wife team)....FOR THE WHOLE STATE!!....
Good luck to us all!!....A sad, sick joke...WE NEED THE CHANGE NOW!!....
Hell...some days...I can STAY HOME and STILL get screwed over....

Don't they have a Czar for that yet?

Banks have behaved in a dishonest way for many years and I think its time they show some honesty an responsibility but it will certain not come voluntarly from them, they need the goverment to protect us consumers and regulate the banks

Remember the fish stinks from the head and the head in this case is congress. Fix congress and the rest will take care of itself. Banks and congress are the same. They are both for themselves. Remember it was congress who opened the door and demanded the banks step through. Obviously they gladly did. We all know the results. Congress needs new blood and new thinking, We need to get rid of the franks, the pelosis, the dodds, the reids amd anuone lese who has been there more than ten years and that also included republicans.

I hope this idea gains traction in congress. I hope that it gains and retains materiality and is not undone by amendments propounded by those beholden to the banks. And I hope a good strong piece of legislatiuon is passed. We need a new policeman, with new powers of oversight and regulation, in order to safeguard American capitalism in the real world.

Since the great depression we had a tightly regulated financial industry. Then Reagan deregulated and we had the Savings & Loan Crisis. Clinton and Bush deregulated further and we had a mortgage crisis. Tight regulations that make all the players abide by the same rules and provide consumers with clear, transparent information benefit everyone. Otherwise you have good companies being hurt by companies that try and game the system for short term profits.

I used to work at the Federal Reserve Bank of Minneapolis, and I vehemently disagree with the claim that all regulators gave consumer protection little attention. I worked in the department that handled consumer affairs, and I knew just how committed they were to ensuring that the banks they examined were complying with the law and consumer regulations.

If there were any failures in the system, they were failures in the ways that the regulations and laws were written (and that responsibility ultimately rests with Congress). The Federal Reserve Bank examiners did not have authority to define or re-interpret consumer protection laws or regulations--they could only take action where banks were violating the established rules. They did a fabulous job, especially given the constraints placed upon them by Law, their Congressional mandate, and the Federal Reserve Board.

Many consumer complaints--overdraft fees being one recent example--center around items that are/were clearly defined in the disclosures and terms provided to customers by the banks. If the banks complied with all applicable laws, rules, and regulations for making those disclosures, the customers had little recourse other than goodwill on the part of the financial institution. If the banks fell short in any aspect of their compliance with the consumer protection rules, action was taken to bring them into compliance.

I'm proud to say that the Federal Reserve Bank of Minneapolis was very aggressive in its oversight of sub-prime credit card lenders in its district (precipitating, in my opinion, significant changes in the way some companies were operating), and I know they hold their supervisory role in consumer compliance matters as being of great importance.

Even with the creation of a new consumer protection agency, there will always be those who will claim, as we face new problems in the future, that not enough was being done to protect consumers. If an agency shirks its delegated responsibilities, then it is worthy of condemnation. If they are exercising their authority and carrying out their responsibilities within the bounds of the law and the rules and regulations which govern their operation, then the criticism should be directed the ones who crafted the rules, and not against those who followed them faithfully.

The sharing of information between agencies goes against the privacy act of 1974. This act was established so that an individual's personal and financial information is not consolidated into one entity of the federal government. Federal agencies can compare information but it has to state it's scope and purpose, with info provided specific to the request. This new agency seems more like a clearing house of information on every American citizen. In today's world, this would be a very valuable commodity to someone nefarious agenda. I just hope they incorperate safequards to this measure.

I noticed that the new law does not require banks to find out if people who borrow money actually
have the means to repay it. Nor does it require borrowers to prove such ability.there is not much really much protection cor anyone with out it .

This is just way to creepy to give five appointees (especially of Obama's) this much power. I can understand making some rules, etc., but it sounds like some of it is designed - again - to force lending, etc., like with the CRA that already exists and led to the mortgage meltdown. It is also creepy about the sharing they want to do with information. This govt. always wants to share information. They want ways to get at our information and frankly, I am sick of it. The govt. has no right to tell businesses how to operate and they have no right to get at our information, albeit through what appear to be valid and innocent reasons. Get off our backs!

What happen to Usery Laws, Why am I penalized by increased interest (when I pay an account on time) but have a second account (unrelated to the first) that is late..How can you raise my insurance when I"ve been late on something else..I think its an excuse for corporate greed and don't feel I havce anyone looking ouit for me..I think its time we get away from big business.

The last comment by the agency worker and Hillebrand's dismissal is very common and unfortunate. The guys at the top rarely ask the guys on the bottom or in the middle what would work and what won't. Most of us workers know what's going on better then the Management because we are interacting with the job or the people involved a lot more. Not all of us just do the work given to us without thinking there is a better way or that the "new" way is not better. Listen to the worker bees!!

We really need the kind of consumer protections from the dishonest bankers that Elizabeth Warren advocates. The banks have been shortchanging savers on interest rates in order to pay themselves huge unwarranted bonuses. We can't trust Wall Street to play fair with Main Street unless we have government intervention on the consumer's behalf.

Another attempt at taking away responsibility from the individual and giving it to big Government.

We all know that all of the republicans and some democrats are not going for anything that might help the consumer,they are looking for their checks from big bussiness,

I am a bank regulator for one of the federal entities so I speak from some experience. The opposition to this bill, as quoted in this article, seem to deliberately ignore the facts within the proposed bill. For example, take this quote: The U.S. Chamber of Commerce is leading the opposition, paying for a series of TV ads and creating a Web site called "StoptheFPSC.com."
"Maybe instead of a bigger government, we should focus on making government better," says one ad.

It seems completely reasonable to me to pool the talent pool of compliance examiners into one agency with with the above mission. And then by folding the OTS and OCC into an agency, another agency is now eliminated. Again, you keep the talent pool of people, and simply restructure to make it more efficient AND economical. I will say that any hurdles that could arise from this can be easily addressed (such as competing directives from agemcies, which one takes precedent?). In any event, we all have to remember that there will be those who oppose this simply because it reduces or eliminates their particular position of power/authority. Tha is to be expected. However, let us all not lose sight of both historical and recent events, and not just in the United States, and learn and apply thos lessons logically and soundly. I, for one, am excited to see these potential changes and I think that when all is said and done, those who are maybe a bit unitiated and ignorant to financial matters will someday understand the positive impact these changes will have.

Anything that scares the big banks this much can only be a good thing for the average American. Elizabeth Warren is an American hero.

Good! another good thing is happening under the Obama administration.
America belong to the people not corporations.

How about if the government came under this also?

"Fight begins over new Consumer Protection agency"

So, does that statement mean that the God damn banks don't get it yet? You politicians out there had better have your tinnitus ravaged ears to the ground and listen very, very closely to the rumble WAY down in the ground. That sound you hear is the consumer BEAST; Chained at the neck and looking for blood. The party's over Mr. and Ms. Corporate friendly Congress men and women. The continuation of the excesses that the deregulated banks have enjoyed under the care of the past administration, need reigning in. The Consumers in this country need protection against the sharks in the water. REGULATE THEM.

Well, it's about time! I've said it for years, but I am a nobody, so who cares?

Anyway, I learned in my law classes that contracts are supposed to be made on the basis of equal standing, and equal consent. Banks and investment banks have been buying judges and legislators for years, and circumventing that basic tenet.

The sign of a society in decline is when the rich have no idea how they have insulated themselves from the rest. It happened to Marie Antoinette. It can happen here too.

It is an idea whose time has come. Financial institutions that caused the collapse should have seen this coming. Millions of people lost their life savings. We cannot continue business as usual. Small government means ineffective government. It means a free wheeling and dealing business environment, where consumers are just pawns in the financial game. No, this new agency is needed and needed badly.

Ah yes the worm has turned. Major businesses are out of control. They use fine print, change of terms, teasers, and a host of other things to tempt us in then screw us over.

The US has NOT always been like this. In my mind it was around the time of Carter when usury laws were tossed out, that the beginning of the end started.

Ralph Nader got things tightened up, but it did not too long for it all to become undone and the world became a trap for the customer.

We need to go overboard to the other end, just to get the boat turned around.