> Posted by Isabelle Barres
We at the Center for Financial Inclusion and The Smart Campaign are happy to see that a consumer protection agency in the United States is one step closer to being established. Today, President Obama appointed Harvard law professor Elizabeth Warren to lead the creation of the Consumer Financial Protection Bureau. The agency—which is Warren’s brainchild—will have the power to create and enforce regulations to ensure that banks and other financial institutions have established minimum protections for their clients. Around the world, the subprime crisis has led governments to create such agencies in a shared recognition that lack of client protection standards can have detrimental effects not only on the individual clients but on the entire national economy. Leaders in the microfinance industry have been thinking about this for several years. In fact, The Smart Campaign was partly an initiative to protect the industry from a similar crisis. We’d love to sit down with Ms. Warren and “talk shop;” perhaps we can learn from each other.
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