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Press Release |
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WASHINGTON, D.C. -- As lawmakers prepare to begin drafting a compromise version of the Financial Services Modernization Act (H.R.10/S.900), consumer groups are calling on members of the conference committee to ensure that consumers have the tools they need to participate in the new financial world promised by the legislation.
In a joint letter, Consumers Union, Consumers Federation of America and the U.S. Public Interest Research Group urged the conferees to simply consider the consumer and ensure a competitive marketplace by addressing relevant issues such as the following:
· Allowing consumers to control their personal financial information by having institutions simply tell consumers how their information is being used and giving consumers the choice over allowing that information to be shared;
· Ensuring that consumers purchasing financial products, such as insurance, will have basic protections;
· Providing access to financial services for all Americans and communities;
· Applying existing investor protection laws to the sale of investment products -- no matter who is selling the investments; and
· Limiting the burden to taxpayers for risks taken by financial institutions.
The House voted last week to instruct the conferees to provide strong consumer protections for private data shared among a financial firm's affiliates and third parties, such as telemarketers. The House motion also instructed conferees to provide that all consumers have greater access to financial services.
To obtain a copy of the letter to the conferees, please dial our faxback line at 202/238-9258 and request document number 3901.
