President Obama announced his plan today for sweeping reforms of the nation’s financial systems. Among these reforms is the establishment of the Consumer Protection Agency. CNN reports that the agency will help to protect consumers from deceptive financial services and to regulate mortgages, credit cards, payday lending, and other similar financial practices.
These changes are part of an effort to address the risky mortgage lending that led to the financial crisis America is facing right now. To learn more about Obama’s announcement, you can read the entire article online HERE.
If you or someone you know needs credit counseling, call United Way’s 2-1-1 Referral Service at (800) 427-4626–they’ll help connect you with trusted resources. You can also contact one of our partners, ClearPoint Credit Counseling Solutions, for help with credit card debt. If you think you may have been part of a fraudulent scheme, contact the FBI.