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Proposed Consumer Financial Protection Agency Will Not Curb Lender Abuses According to Latest ABI Poll

Contact: John Hartgen
             703-894-5935
             jhartgen@abiworld.org

PROPOSED CONSUMER FINANCIAL PROTECTION AGENCY WILL NOT CURB LENDER ABUSES, ACCORDING TO LATEST ABI POLL

 

June 10, 2010, Alexandria, Va. — The proposed Consumer Financial Protection Agency will not alleviate lender abuses that led to the financial crisis, according to a majority (66 percent) in ABI’s latest Quick Poll. Forty-nine percent “disagreed strongly” and 17 percent “somewhat disagreed” that the proposed Consumer Financial Protection Agency would curb some of the lender abuses that led to the financial crisis.

As House and Senate negotiators are negotiating a final financial overhaul bill to send to President Obama, the final shape of the provision creating the Consumer Financial Protection agency remains unsettled. The House-passed bill would create a new independent agency that would write rules to protect consumers from unfair terms in credit cards, mortgages, payday loans and other lending products. The Senate-passed bill would create a consumer financial bureau within the Federal Reserve and its rules could be blocked by other regulators in some circumstances.

Twenty-eight percent of respondents thought that the proposed Consumer Financial Protection Agency would curb some of the lender abuses that led to the financial crisis. Seventeen percent “somewhat agreed” and 11 percent “agreed strongly.” Four percent did not know or had no opinion on the issue.

ABI members and members of the public were welcome to submit their response to the statement: “The proposed Consumer Financial Protection Agency will alleviate lender abuses that led to the financial crisis.”

ABI’s Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 12,600 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.