As a bankruptcy attorney, I have seen many clients in financial distress. The economic downturn has hurt their piggy banks. In 2007 or prior a lot of consumers were purchasing houses at an unbelievable rate. The real estate market was at an all time high, while more and more consumers were qualifying for home loans.
I think the government is taking a step in the right direction by creating the Consumer Financial Protection Bureau (CFPB). This Bureau was created to "Educate, Enforce and Study". The first task of the CFPB is discussed in this article. They want to regulate how "non-banks" advertise.
While I believe it is important for "non-banks" to be regualted, I also feel BANKS need to be regulated as well. As I know from first hand experience that the traditional bank was giving out financial freedom to consumers who in a normal economy would not have qualified.
If you are one of those consumers, who is in need of a little help, Please feel free to give the Arroyo Law Firm a call. We offer free consultation, and can let you know your rights.
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