Contact: John Hartgen
703-894-5935
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,
href='http://www.abiworld.org/'>www.abiworld.org. ABI
members and the public are invited to respond to a question on a timely
bankruptcy or insolvency issue. Visit
href='http://www.abiworld.net/quickpoll/'>
face='Times New
Roman'>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
face='Times New Roman'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>
face='Times New
Roman'>http://www.abiworld.org/conferences.html.