A single government agency would be responsible for ensuring the financial products offered to consumers are responsible, accountable, and transparent if legislation offered by U.S. Senator Dick Durbin (D-IL) becomes law.
"It's all about these," Durbin said, holding up a Visa credit card. "We're going to considering legislation this week to reform the credit card laws in America."
A bill expected to hit the United States Senate next week aims to credit the commission that will review all credit card companies, banks' products and services, and make sure they have the consumer's best interests in mind.
According to a release, The Financial Product Safety Commission would:
- Reduce consumer risk in using financial products by preventing predatory or deceptive financial practices and educating consumers on the responsible use of financial products and services;
- Coordinate enforcement with the other federal and state regulators and with the private sector to establish a floor beneath which consumer financial product safety could not fall; and
- Report regularly to the public regarding the state of consumer financial product safety and recommend the steps that should be taken to improve the value of financial products for consumers.