Consumer financial protection, bankruptcy, and a new agency
I submit to you that the big bankruptcy law news the other day was more about consumer protection than bankruptcy law per se. Still, because many consumer bankruptcies are fueled, at least in part, by the practices of consumer finance companies, the new agency proposed by President Obama seems highly relevant here.
As you probably know by now, President Obama is proposing the creation of a new consumer financial protection agency, not unlike other consumer product safety agencies. Obama would likely installed Harvard Law Professor Elizabeth Warren as its head (she also blogs at Credit Slips). Indeed, it appears that Ms. Warren has proposed a similar agency in the past. Read more on the NY Times’ Economix here. I have complex emotions on it.
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