http://www.nytimes.com/2010/03/27/opinion/27herbert.html?ref=opinionWhy should there be any significant opposition to the creation of an independent agency with strong powers of enforcement to protect consumers from exploitation by banks, mortgage companies, auto dealers and other purveyors of credit?
The dragons lurking in the fine print of some credit agreements are enough to give you heart failure. Payday loans, for example, typically carry annual interest rates in the vicinity of 400 percent. Or look at the lineup of fees, penalties and interest rates on your credit cards and overdraft privileges. Don’t even start on mortgage abuses. That would take too long, and it’s too depressing.
We’re talking here about exploitation run wild. The Mob, which used to have a stranglehold on loan-sharking, can only look on with envy.
So I guess it’s understandable that the financial industry and other big-money interests are all but hysterical in their opposition to the Consumer Financial Protection Agency that has been proposed by the Obama administration as part of its overall reform of financial regulations. You’d hardly expect the people rifling the pockets of middle-class Americans and the poor to be happy about an agency with oversight and enforcement authority homing in on their nefarious and wildly profitable activities.
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