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Madigan Talks About Consumer Financial Protection Act
Ahead of a vote on Capitol Hill, Illinois Attorney General Lisa Madigan stressed the importance of the Consumer Financial Protection Act.

"Now more than ever, consumers deserve an independent federal regulator whose sole mission is to protect their interests," Madigan said. "They need protection at the federal level against the very practices that have caused so many of them to struggle financially, lose their jobs, see their home values decline and watch their college savings and retirement funds disappear."

The CFPA would protect consumers by setting and enforcing national rules for the financial services industry. Overall, the new agency would consolidate authority in one place with the sole mission of looking out for consumers across the whole lending market. It would have broad authority over consumer financial products including mortgages, credit cards and payday loans, with the power to enforce existing statutes and levy fines for violations.

The U.S. House of Representatives could vote on the matter as early as Wednesday.

(Illinois Radio Network)
12 08 09 by Newsroom
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