Economic News

Consumers want financial protection agency

(05/26/2010) As the Obama Administration inches closer to creating a Consumer Financial Protection Agency, a recent survey reveals consumers anxiously await and approve of passage of the Restoring American Financial Stability Act which will create the new federal agency.

Considered the greatest overhaul of consumer protections in history, the new law will be designed to empower and protect American families, subject lenders and other financial institutions to tougher oversight, strengthen small businesses and curb excessive risk taking on Wall Street.

The Senate recently passed its long-awaited version of the law and now groups of lawmakers in both legislative bodies are working to negotiate a final bill to be voted on by both chambers before going to the President.

The process is expected to take at least a month.

Meanwhile, AARP recently commissioned "Consumer Financial Protection: Opinion of People Aged 50+," a nationwide survey to understand public opinion on consumer financial protection issues.

The survey was conducted by Social Science Research Solutions (SSRS) for AARP from January 14 to January 24, 2010, among a nationally representative sample of 815 respondents at least 50 years old.

The results reveal nearly unanimous support for numerous consumer financial protections. Support was high across political parties and throughout all regions of the country.

• Almost all respondents (96 percent) favor requiring banks to explain the terms and conditions of loans, including mortgages and credit card debt, in plain language people can understand.

• More than 9 in 10 (93 percent) favor requiring companies that manage 401(k) retirement plans to explain the fees they charge to participants and to clearly state those fees on participants' annual statements.

• Overall, 93 percent favor enabling consumers to check an investment advisor's record to see whether they have any prior violations or have been charged with professional misconduct.

• Ninety-two percent favor requiring investment companies to disclose the costs, risks, and benefits of all the financial products they market and sell using plain language and a user-friendly format.

• Overall, 90 percent favor holding financial salespeople who engage in deceptive marketing accountable.

• Almost 9 in 10 (89 percent) favor protecting people from predatory lending practices, such as excessive fees and penalties, on products ranging from mortgages to credit cards.

• Two-thirds (66 percent) favor allowing states to enact consumer protection laws that are stronger than federal law -- as many states now do.

• Approximately six in ten people (59 percent) do not think people and banks that sell financial products always make sure the product is suitable for the individual buying it.

Follow the link to continue reading the related articles.

Small loans cost consumers big bucks

Hitting bottom hasn't sufficiently changed consumer habits

Educate Yourself in Honor of National Consumer Protection Week

 

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state





iPad for Mortgage Rates