It is unusual for a financial institution to welcome change that strengthens lending oversight, but in this case we believe that the current regulatory structure has worked so poorly, and the need to prevent another crisis in the future is so vital, that we unequivocally support the creation of a strong and independent consumer protection agency that preserves the ability of the states to protect their residents—one that would streamline the current system and eliminate the conflicts of interests that played a key role in the economic crisis we are grappling with today.
