The Denver Post today reported that the South Metro Chamber of Commerce joined with many other Chamber of Commerce organizations to oppose the creation of a Consumer Financial Protection Agency. With healthcare reform being the hot topic of 2009, this Consumer Financial Protection Agency has largely slipped under the radear.
Overviews of the Consumer Financial Protection Agency were provided in The Wall Street Journal as well as the LA Times. Here are some of the highlights of the proposed Consumer Financial Protection Agency:
- The Agency will over see all aspects of finance, including mortgages, loans, debt collection, and even financial advisory services (to name a few areas)
- The Agency will act on behalf of consumers and protect them from abuse
- The Agency will attempt to make it easier for consumers to make informed decisions
- The Agency will have the power to fine violators
- In general, banks and republicans are against the formation of the Consumer Financial Protection Agency while Democrats are attempting to move forward with the legislation
The Agency was proposed in an attempt to avert another financial crisis like the one that is still being endured.
How Does this Help Me Market My Denver Small Business?
While this information may not help you directly market your small business, most businesses will want to keep a close eye on whether or not this legislation is passed and the Consumer Financial Protection Agency is created. While I expect that the impact will reach well beyond the financial sector - if your business is operating in the financial sector (mortgage, banking, financial advisor, financial services) you will be greatly impacted by the creation of this Agency. The method in which you are able to market your small business as well as contracts that you maintain with your customers will undergo major changes.