U.S. Senator Charles E. Schumer (D-NY) announced today he is co-sponsoring legislation by U.S. Senator Richard Durbin (D-IL) to create a Financial Product Safety Commission, a single government agency in charge of ensuring consumer protections regarding financial products, according to a report in Thursday's Rent-To-Own News, the daily newsletter from the Association of Progressive Rental Organizations (APRO).
The national rent-to-own trade association's president and Missouri small-business rent-to-own dealer, "Tiger" John Cleek, hopes the proposed commission recognizes the rent-to-own industry's desire to pass federal consumer protection legislation.
The Consumer Rental Purchase Agreement Act regulating the rent-to-own industry creates a floor of consumer pricing disclosures and pricing reinstatement rights for the states to adopt. Creating a floor of consumer protections fits into the Financial Product Safety Commission's mission statement. The Consumer Rental Purchase Agreement Act has been debated in the U.S. Congress for eight sessions.
"We would be honored to participate with the proposed commission or authors of the legislation," said APRO President Cleek. "We, in the rent-to-own industry, are one of the few industries who embrace the need to balance consumer protections and market competition for the benefit of consumers and small business."
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.
Comment: "A single government agency in charge of ensuring consumer protections regarding financial products:" right... this is more growth of the monster called the "US Government."