When Congress passed the recent Credit CARD Act, the banks immediately looked for ways around the new protections. They came up with new methods to raise your credit card interest rates before the ink was even dry on the bill, and they likely have more tricks up their sleeve.
It will take someone watching them all the time to keep up with their "priceless" ways to take more of your money.
Call your House member right now and tell them to vote YES for the new Consumer Financial Protection Agency. This new sheriff would put your interests first and stop financial rip-offs by banks, lenders and others before they suck money from your wallet and further tank our economy.
The reality is no single federal watchdog looks out for us when it comes to our money. That means whenever Congress finally gets around to passing a law to stop a certain abusive tactic – like they did with the credit card bill – the banks have already re-tooled to come up with new tricks.
The proposed consumer watchdog would have only one job – to quickly respond to any unfair lending tactics and crack down on perpetrators. Rather than the current maze of federal regulators who cozy up to the big financial institutions, this watchdog would make our needs a priority, and root out risky mortgage, lending and banking schemes that drove our nation into financial chaos.
Your Representative votes this week – but the giant financial industry is using its deep pockets to get them to vote ‘no.’ They want to keep the lax laws and cozy relationships that let them cook up risky credit schemes and get rich beyond belief while we're drowning in red ink.
We’ve seen what they’re capable of left unchecked. Please phone your member of Congress right now, and then forward this on to friends and family so they can lend their voice, too.
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San Francisco, CA 94103-2512
PS: We're gathering our forces – that means you and people like you – in Washington February 9th to train, lobby, and strategize. Register now!