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Town Hall Meeting on Consumer Protection
Questions for Consideration
1. When it comes to consumer protection, is the industry capable of policing
itself? Explain your answer.
2. Should the principle of caveat emptor (“let the buyer beware”) be the
starting point for consumer protection? Related question: do you believe
the subprime lending crisis would have been avoided if borrowers had been
financially literate?
3. How should the industry or government protect consumers from
dangerous mortgage products?
4. How do we protect consumers from unscrupulous lenders?
5. Do you believe loan product steering contributed to the subprime lending
problem? If so, how can consumers be protected from steering?
6. Do we need more consumer protection laws? If so, which ones would you
suggest? Alternatively, would more aggressive enforcement of existing
laws be better for the consumer.
7. Should certain loan originator compensation schemes be outlawed or
restricted to remove economic incentives to take advantage of certain
consumers?
8. Do we need a new regulatory framework for mortgage lending? If so, what
should that look like?
9. What are the consumer protection issues associated with helping
delinquent homebuyers?
10.Who should be most responsible for providing financial education to the
next generation - School System/Teachers, Financial Community,
Government, Non-profits, or Parents? List in order of priority.