Consumer Financial Protection Agency

According to US lawmakers, there is a need to adopt a new financial product safety agency that would make sure consumer products such as mortgages and credit cards are safe and easy to understand. Travis Plunkett, legislative director of the Consumer Federation of America, said: "It has become clear that a major cause of the most calamitous worldwide recession since the Great Depression was the result of the simple failure of federal regulators to stop abusive lending, particularly unsustainable home mortgage lending."