Word: protectionism
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Despite the fact that the state has some of the strongest consumer-protection laws in the country, California's regulations governing the individual health insurance market are not very strict. Insurers are free to set whatever rates they want, so long as they spend 70% of premiums paying claims, a...
The CFPA would actually weaken consumer protection. Nobody is defending the recent performance of the Federal Reserve, the Office of the Comptroller of the Currency (OCC) or any of the other financial agencies with current consumer-protection duties. But that doesn't necessarily mean those duties should be transferred to...
Of course, it's fair to wonder why bank lobbyists would be so concerned about the CFPA failing to protect their customers from exploitation. And agencies like the OCC can be expected to protect their turf. But the status quo just isn't working, and history suggests that consumer protection...
The CFPA wouldn't address the root causes of the crisis. Warren argues that the financial meltdown of 2008 was essentially a consumer-protection meltdown, a direct result of exploitative loans that never should have been approved. It's certainly true that the securities that sparked the crisis began imploding...
So the argument that better consumer protection will prevent the next collapse is no slam dunk. But better consumer protection is still a good idea! And the CFPA is a clear way to send a message that the economy is supposed to work for ordinary families. We should have a...