Business for Shared Prosperity

By Jeff Muskus
Huffington Post, Feb 10, 2010

The U.S. Chamber of Commerce and its GOP allies have been busy warning that an independent Consumer Financial Protection Agency will hurt small business -- but a growing number of small business owners are saying just the opposite.

When asked to speak for themselves, they say a strong CFPA is the only thing that can protect them from the predatory practices of the corporate titans represented by the Chamber.

Industry News, Feb 10, 2010

By Michael R. Crittenden, Feb 4, 2010
Dow Jones Newswires

WASHINGTON -(Dow Jones)- A separate U.S. agency to regulate the financial products marketed to consumers makes sense, a former chairman of Citigroup Inc. told lawmakers Thursday.

John Reed, speaking before the Senate Banking Committee, broke with much of the banking industry by supporting the idea of a single agency to deal with mortgages, credit cards and other similar products.

Business owners urge Senate to approve Consumer Financial Protection Agency
Staff report
Biz570.com/ Northeast Pennsylvania Business Journal, February 4, 2010

As the Senate considers financial reform, business owners and executives across the nation organized by Business for Shared Prosperity are calling for a strong, independent Consumer Financial Protection Agency (CFPA) to safeguard businesses, consumers and the American Dream.

By Michael R. Crittenden,
DOW JONES NEWSWIRES, Feb 4, 2010

(Updates with comment from business groups)

WASHINGTON -(Dow Jones)- A separate U.S. agency to regulate the financial products marketed to consumers makes sense, a former chairman of Citigroup Inc. (C) told lawmakers Thursday.

John Reed, speaking before the Senate Banking Committee, broke with much of the banking industry by supporting the idea of a single agency to deal with mortgages, credit cards and other similar products.

Portland Business Journal, Jan 29, 2010
By Kent Hoover, Washington Bureau Chief

Legislation creating the Consumer Financial Protection Agency could make credit more expensive and harder to get, opponents of the bill contend.

The CFPA is one of the main pieces of the financial regulatory reform bill now before the Senate Banking Committee. The house bill passed on Dec. 11 in a 223-202 vote.

Based on a survey of 1,237 small business owners from 13 states, this report assesses participating small businesses’ experiences with the economic recession and evaluates Main Street business owners’ views on financial reform. The survey found strong support among participating small business owners for financial reform and creation of a consumer financial protection agency.

See Full Report at
http://mainstreetalliance.org/wordpress/wp-content/uploads/MSPP_financia...

SmartBrief, 12/22/09

The U.S. Women's Chamber of Commerce has come out in support of the creation of a federal Consumer Financial Protection Agency even though the Chamber of Commerce and some other business organizations oppose it. Margot Dorfman, CEO of the women's business group, said she believes the federal agency would protect small businesses. "Business owners and consumers need the security of knowing that the costs and risks of financial products, services and lending are fully and fairly disclosed." American City Business Journals/Washington, D.C. (12/21)

Washington Business Journal, Dec 21, 2009
By Kent Hoover, Washington Bureau Chief

Legislation creating the Consumer Financial Protection Agency could make credit more expensive and harder to get, opponents of the bill contend.

Jeff Bounds and Kent Hoover
Dallas Business Journal, December 18, 2009

Sweeping legislation that would re-regulate much of the financial services industry drew fire in North Texas this week, with critics complaining that much of the bill will make credit more expensive and harder to get. It would, among other things, create an agency to protect consumers from what are perceived to be unfair financial products and services.