greedcanbgood

Modified Plans for Consumer Agency Are Still Doomed to Fail

Ugh! I can't say that I agree with your conclusions. Separate regulatory agencies for separate products is a bad idea. It would take VERY little time for a commercial bank that offers a full range of products to become mired in red tape and government bureaucracy. So if a bank has a checking account that has an overdraft protection line of credit, which agency is the regulator? Both products have very different characteristics and yet they are inexorably linked together. What about unsecured consumer lines of credit that, in every way look like a credit card without the actual card? How would you define each product? By its purpose, by the way it functions? I think that if you were to look further, you would find that the products and services financial institutions offer today are much more varied than they appear. Trying to get regulatory agreement, let alone industry understanding is going to be incredibly difficult and time consuming. In the end, I would assert that very little difference will be made.

You said, "fewer eggs in more baskets", how about, "too many cooks in the kitchen"?