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UCAN urges Congress to adopt the Consumer Financial Protection Agency Act
To Members of Congress:
The House Financial Services Committee is considering the Consumer Financial Protection Agency Act of 2009. UCAN strongly urges all Members of Congress to support and vote for the creation of this agency.
Failure to provide proper oversight of the financial industry led to one of the biggest financial downturns in the history of our country. The consumer has become the forgotten party in financial transactions. Financial documents have become so complicated and convoluted that archeologists could not uncover their meaning. Yet, it is these same consumers who are the taxpayers shouldering the burden for the crisis created because regulators failed to protect consumer interests.
In supporting the creation of the Consumer Financial Protection Agency, UCAN urges that you adopt at least the original form of the bill. Do not let lobbyists dissuade you as to what is best for consumers, best for the country, best for the economy, and in the long run best for the financial industry and those asking you to water down the bill.
Do not adopt amendments that will prevent the States from adopting even stronger consumer protections. The Consumer Financial Protection Agency will work best in conjunction with State regulators, not by usurping power of state regulators to their own consumers.
A robust Consumer Financial Protection Agency with strong regulatory oversight working in conjunction with state regulators will help prevent some of the financial products and practices, such as predatory lending, which led to this economic downturn.
In using taxpayer money to clean up this mess, lawmakers have vowed time and time again to protect the consumer. Now is the time for you to show that your constituents are more important than the lobbyists, that you are in fact their representatives.
Create a strong Consumer Financial Protection Agency. It is in the best interest of consumers/taxpayers/constituents and the financial industry.
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