http://thehill.com/homenews/administration/96809-tarp-chief-consumer-protection-must-be-in-wall-street-reformElizabeth Warren, chairwoman of the Troubled Asset Relief Program oversight board, told CNN on Saturday that without a centralized consumer protection agency, customers will be unable to defend themselves against abusive bank practices if history is any guide.
She illustrated her point by saying that bank regulator The Office of the Comptroller of the Currency has never sided with customers in recent lawsuits involving banks.
“They have never entered in the last few years on the side of the consumer,” she said. “
is here to protect those banks from these big, tough, ornery consumers who want to do things like have contracts they can read or not be tricked into ending up with 48 percent interest .”
Warren claims the current system where consumer protections are dispersed among all the agencies makes it too easy for special interest groups to intervene and keep oversight to a bare minimum.
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