NACA in the News: Will Biden's policies take the CFPB's consumer protection mission forward?

Release Date: 
May 13, 2021
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Creditcards.com, Will Biden's policies take the CFPB's consumer protection mission forward?

"However, there remains a 'long way to go' in terms of financial inclusion of minorities, according to Ira Rheingold, an Executive Director for the National Association of Consumer Advocates. Minority communities still need to be treated better in terms of pricing of financial products, he noted.

...However, NACA’s Rheingold doesn’t see much impact from providing this access, given that an 'asymmetry of information' means that consumers are 'never going to have as much information as financial services players do.

...NACA’s Rheingold also noted that 'if they are operating like a bank, they should be regulated like one.'

...He also stated that he would work closely with other federal banking regulators and consider their input. Rheingold expects that there will be more coordination between the FTC and the CFPB, considering that Chopra is from the former agency.  He also anticipates that the CFPB will work more closely with state authorities in those states that have a history of strong regulators and enforcement, such as Maryland, Massachusetts and New York."