The Wall Street Bill & the New CFPB

The Wall Street Bill & the New CFPB


It is uncertain exactly what the new Wall Street Bill will mean to credit and debit card holder and users.  The new rules and regulations from this bill have to be announced and therefore established probably by the new Consumer Financial Protection Bureau.  Among other things they will be responsible for governing consumer financial products such as mortgages, credit cards, debit cards, student loans and so forth.


The bill sets up a system to allow consumers to check their credit scores for free through “” and there will be new rules to the use of credit and debit cards.  This really does not tell me much.


Three issues the President Obama Administration must address:


Consumer debt relief


Many consumers are up to their ears in debt due to this horrific economy.  The economy is consumer driven.  Therefore the Consumer Financial Protection Bureau should initiate a program to remove old consumer credit card debts.  The law should not remove these debts without consequences.  However there should be a middle ground to the chapter 7 bankruptcy program.  People who cannot afford to go bankrupt due to their current  financial circumstances should be subsidize by the government to do so, with an option to buy back the bankruptcy in five years. 


The idea is to help people get out of debt to stop the collection calls and perhaps allow them to address these financial issues in a later date during better financial circumstances.


Mortgage recovery


How often has a person not be able to afford their mortgage during these hard economic times?  Too often people lose their homes only to pay for the home in later date in rent payments.  This is an unethical practice in this land whereby home ownership is the American dream.  Similar to the Consumer debt relief program, people should be able to buy back their mortgages if they loss their homes and continue to reside in the home lost as a tenant. 


The idea of this program is for a person in jeopardy of losing their home having the option to find a sponsor to take ownership as a renter with government oversight to protect both sides from abuse, until the owner can buy back the mortgage. Often the best sponsor in these cases of hardships would the Federal government.  By given a person a temporary section 8 voucher to maintain ownership of their homes, we can keep more Americans in their homes, during hardships.


The student loan relief policy


Anyone who can qualified for a subsidized student loan, changes are without employment will not be able to afford to pay it back.  Therefore anyone who is not able to payback a student loan due to hardships should be allowed to work for the government in an internship that will create a work history in their field of study, assistance the government with professional skilled labor and pay off their student loan.  A stipend should be including in this program similar to programs like VESID and other work programs provided by the government.  This is not welfare by any means but an entry level of employment guaranteed to all college graduates.  No subsidized student loan recipient that worked hard to graduate from college should be left unemployed and in debt in an ethical society.  This will promote education at the highest level.


The idea is self explanatory.  The education system and the workforce have to be responsible to the consumers. We cannot send people to college without intent to employ them upon completion of their studies.  This program should be paid for by an insurance policy automatically assigned to all Americans who go to college and complete their courses of study.  America promises you a job if you work hard and finish college, because education should not be a scheme for swindlers. 



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2 CommentsLeave a comment

  1. The Wall Street Bill & the New CFPB…

    I found your entry interesting do I’ve added a Trackback to it on my weblog :)…

  2. The Wall Street Bill & the New CFPB…

    I found your entry interesting do I’ve added a Trackback to it on my weblog :)…

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