Full Moon Rising: Consumer Financial Protection

Jun 26, 2009 5:40 PM ET
Blog

This week, GoodB cofounder Peter Ressler and I presented the Consumer Power Hour on Conscious Talk Radio out of Seattle, Washington along with innovative consciousness-raising host Rob Spears. The initial goal for the show was to find out what consumer protections were in place in the U.S. and how to pursue those options if you were facing overwhelming debt, foreclosure or bankruptcy. GoodB’s cracker-jack research team went to work on the job and guess what? Nothing turned up.

We could not find any “consumer rights” for homeowner and debt obligations in the United States. Beyond the rudimentary elements of the FDA (Food and Drug Administration) and the U.S. Consumer Product Safety Commission that protect consumers from ecoli-laced foods and lead-based toys, consumer financial protection and individual rights for borrowers don’t exist. All the laws protect bankers over people. Okay, well now you know what you already knew. Consumers hold all the debt and the banking industry holds all the cards in the poker game of credit.

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