Consumer Financial Protection Agency An Afterthought?

There’s a government agency and/or committee for just about every interest that you can imagine. There’s even an advisory committee for stamps…yes stamps, but it’s probably safe to say that many of them were created out of necessity. We may be required to submit to another controlling force known as the Consumer Financial Protection Agency, adding to the hundreds of existing entities. Now that most of the major damage has already been done to the economy by big banks and mortgage lenders, it seems to be more of an afterthought than a mitigative move. If this committee can provide non-police-like mitigation to prevent catastrophe’s similar to the housing market crash and subsequent multi-industry downfall versus being responsible for the elimination of tens of thousands of more jobs then I welcome it. The feeling is, however, that this agency will attack the short-term lending industry which had absolutely nothing to do with the economic collapse. The traditional financial institution will be praised and reaffirmed while alternative financial institutions will be dogged and made illegitimate. This includes payday lenders, title lenders, installment lenders, and pawn shops. While supporters of the above may have a handful of reasons for allowing such to happen, there are endless reasons not to – beginning with the availability of credit options and ending with the damage it would cause to local governments and employment rates.