Who Protects the Consumer?

This chapter addresses the issue of consumer protection in the financial services industry. The issue of regulatory process for consumers and the need of creating a consumer protection agency have long been in discussion, and this chapter covers those. The chapter discusses the laws regarding consumer protection that have been in existence, and how effective those have been. The chapter also highlights the need of a separate consumer regulator for consumer protection, as the scope of the CFPA excludes consumer protection as it relates to securities and commodities transactions. The CFPA has the authority to determine the manner, settings, and circumstances for the provision of any consumer financial products or services, and this chapter covers all the powers the agency should have.