In conclusion, the report argues it would be less efficient and cost-effective for Scotland to replicate current UK consumer protection schemes.
Such legislation would have been unnecessary if the Federal Reserve had used the authority Congress granted them decades ago to update the current federal consumer protections.
"It's a misnomer to characterize the current law as a consumer protection rule when it really protects the government, not airline passengers," said Nicholas E. Calio, president and chief executive of the group.
Both sides agree that the current regulatory framework for consumer protection is inadequate.
While we understand his desire to balance innovation with consumer protection, his current proposal does not accomplish that goal.
As the current wave of foreclosures demonstrates, consumer protection in the realm of finance has been absolutely dismal for decades.
In fact, the current regulatory structure that combines consumer protection with other bank oversight responsibilities has led to the kind of bad regulatory oversight that has led us to this crisis.
A good start would be a consumer protection bill that protects consumers against the unregulated nonbank firms and strengthens and centralizes the role of the current bank regulators.
I realized that current regulation is failing in areas like consumer protection and anti-money laundering and that new technology could do better.
