Support Creating A Consumer Financial Protection Agency

Responsible Wealth LogoCongress is currently considering a broad range of financial reforms, including the establishment of a Consumer Financial Protection Agency.

Responsible Wealth is part of a coalition of business organizations mobilizing support for the Consumer Financial Protection Act (CFPA) to protect consumers from abusive financial practices.  We are particularly looking for support from business owners, executives and investors, including retired business people, to sign on to the following letter to the Senate.  It’s important to send the message that we need fair and transparent banking and lending practices to protect small businesses and consumers alike.

Please take a moment to review the letter below and sign on if you can.  Please also forward this web address to others you know who might sign on.   

Note: if you have already signed a similar letter as part of the Social Venture Network (SVN), Business for Shared Prosperity or the American Sustainable Business Council (ASBC), you do not need to sign again.

Letter

Dear Senators:

As business owners, executives, investors and business professionals in the United States, we strongly support legislation to create a strong Consumer Financial Protection Agency (CFPA). We believe that an independent federal agency, with a focus on consumer protection, will benefit small businesses in America, which create nearly 80 percent of the nation’s net new jobs.

Small businesses owners rely heavily on credit from a variety of sources for their funding – including use of their own personal credit. While banks are still the biggest source of traditional credit, use of largely unregulated credit by small businesses increased by 28 percent from 1997 to 2005.

The CFPA would raise consumer protection standards for all types of credit and ensure that small business owners are protected from unfair and deceptive credit options, regardless of the type of company offering them. Business owners need the security of knowing that the financial product they receive from one lender carries the same level of protection as a product from any other lender, and that all lenders – credit cards, trade credit, and independent finance companies included – are offering fair financial products.

We urge you to use your leadership to build on the CFPA provisions supported in the House and establish a Consumer Financial Protection Agency that truly holds lenders accountable for their financial products and services and that will help restore consumer confidence in the economy.

Sincerely,

The form below is for current or retired businesspeople and investors to sign on to the letter. Please indicate your business name, business-related organization name, or "investor" in the Organization field below. Public listing of signatories will include name, title, business or organization for identification purposes only, and city and state.



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