Future Legislation

Legislation often follows public meetings, conferences, etc. where issues that may require legislation are discussed. The Consumer Federation of America, which has been an advocate of consumers' interests for many years, is sponsoring a conference in Washington D.C. on December 5 and 6: "The Consumer Financial Services Revolution." We present a selection of several interesting sessions from the brochure, along with a few edited descriptive excerpts from the brochure.

RESPA Reform: Boom for Homebuyers? The Department of Housing and Urban Development has proposed new rule to encourage mortgage lenders to offer consumers an upfront guarantee of closing costs, points, and the interest rate. …Are other reforms or approaches needed?

The Unbanked: Can they be brought into the financial services mainstream? An estimated 10 to 15 percent of all households do not maintain an account with a bank, thrift or credit union. What are the most promising initiatives to "bank" the unbanked?

Debt Cancellation Insurance: Better for Consumers than Credit Insurance? As an alternative to credit insurance, many large creditors are offering debt cancellation as an alternative. Since these products are regulated by the U.S. Comptroller of Currency, do its recently-issued standards provide adequate protection to consumers?

Credit Scores: Are They Accurate and Understood? In addition to using credit scores to appraise credit risk, they are also being used in relation to consumers' insurance and employment. Do consumers adequately understand credit scores? Are the scores adequately understood by consumers? Do credit scores provide meaningful predictions in these areas? Are reforms necessary?

Financial Education: Is It Effective? There is widespread support, even enthusiasm, for financial education to increase consumers' financial literacy. And, many public and private agencies are working in partnership to ensure delivery of this education in schools and the larger community. However, the results of testing financial literacy among students and adults are often dismal. What are the most effective initiatives needed to significantly increase this literacy?

As a representative of business, you are entitled to attend the two-day conference for $200, plus lunch for $20. Address: Consumers Federation of America, 1424 16th Street, NW. Suite 604, Washington. DC 20036. [Phone: 202-387-6121] We do not get a commission.