It is nice to see that you got all dolled up for this photo, Cathy. With your six-figure salary and soft schedule, one wonders why don’t you do this more often. (After all we have been through together, I feel comfortable calling you Cathy. You remember when I came to your office to go over my first semester Contracts exam, and you icily said, “If you want, I can go to the Registrar and change your grade to an “F”?) Until now, I have chosen not to bring this up on my blog – I didn’t want to come across as spiteful.
"This legislation will provide the government with consolidated and focused ability and willingness to protect consumers from dangerous financial products in the same way the government has always protected consumers from exploding toasters," Mansfield said.
Will such legislation address protecting consumers, i.e. students, from the DANGEROUS FINANCIAL PRODUCTS known as student loans and third tier legal education? If not, can the proposed legislation be amended to include such protections? After all, six-figure student loan debt with no job prospects is a much bigger problem than an exploding toaster. You can at least toss the appliance out or get a refund. If your house burns down because of a defective toaster, you file an insurance claim. In contrast, one cannot discharge student loans in bankruptcy.
"Regulation of financial products is now spread out over many federal agencies that don't have consumers as their primary concern," she added. "Having one agency focusing on the needs of financial consumers will lead to stronger consumer protection. I believe if any agency like this had existed during the past 10 years we could have avoided the subprime mortgage market driven economic meltdown of the last year."
Cathy, if you truly want predatory lenders to provide better disclosure and to be held to tighter regulations, then you should also require the same of Sallie Mae and the law school industry.