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Please fill out the form below to send this letter to your Senators and Representative.

Please note - this letter is for those who are employees of a consumer installment lender. If you are a customer, please send this letter instead.

 

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Subject: My Loan is My Choice
Dear Decision Maker:

I am writing to urge you to vote against H.R. 3126, the Consumer Financial Protection Agency Act.

As an employee of an installment loan company that provides small loans to customers across the state, I am concerned how creating a new bureaucratic agency will affect my job. Since its existence, my employer has operated under a best practices approach with regular compliance examinations. Now President Obama and Congress want to add another agency to regulate the kinds of products and services we can offer to our customers.

The Consumer Financial Protection Agency will have the power to impose a "one-size fits all" approach to financial products that will put undue burdens on our business operations, which may ultimately lead to me losing my job.

Moreover, what checks and balances will this agency, governed by non-elected bureaucrats appointed by President Obama, be subject to? It would have the power to strip from consumers their freedom of choice and restrict their credit opportunities in the midst of a financial recession - all in the name of "consumer protection." For example, agency bureaucrats could tell our customers how they will borrow money. Regulators could also require their assent before my employer may provide a customer with an installment loan. Rules that regulate an industry, which is already working to streamline the regulatory system, are unnecessary.

Finally, this agency will give the government control over certain compensation standards for employees of financial services institutions and I have a real problem with this. The government is already involved with car manufacturers, banks, insurers, and heath care providers - I don't want the government involved with my compensation model.

I strongly urge you to perform your due diligence before voting to set up the Consumer Financial Protection Agency. Focus on the problems that need fixing, rather than throwing a one-size-fits-all approach to fixing an industry and consumers who have neither created nor participated in the current financial crisis.

Sincerely,

Your name
Your street address
City, State Zip

This letter will be sent to the following individual(s):

U.S. Senate,
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Once you've printed this out, please feel free to find your Legislator's address here and send your letter via postal mail.