article 3 - Fin 3403-301 Article Summary Chapter 18...

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Fin 3403-301 Article Summary Chapter 18: Financial Planning Mintz, Phil. "Feds Call for Consumer Financial Protections." Businessweek.com . 16 Jan. 2009. Web. 10 Apr. 1010. <http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db2 0090616_947662.htm>. The paper explored the potential agency that the White House is proposing that will have broad power to regulate financial products offered to consumers. The new agency will be a part of a broad set of financial regulation changes prompted by the economic meltdown with full authority to protect consumers and oversee credit, savings, payment and other consumer financial products and services. This agency will also be responsible for promoting clear information for consumers and protecting the, from unfair deceptive practices and at the same time improve access to financial services. President Obama stated that, “The problem is right now you have consumers and investors and the agencies that are responsible for the integrity of the institutions, so you‘ve got divided attention. We want to make sure we’ve got a consolidated focus on consumer and investor protections. Along with the new
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