독립 금융소비자보호기구 설립동향과 시사점

Abstract

We propose a series of recommendations for legislation, regulations, and administrative measures by the CFPA to reform consumer protection based on principles of transparency, simplicity, fairness, accountability, and access for all. There are four main structural criticisms of the current regulatory structure: that consumer protection is a so-called “orphan” mission; that consumer protection conflicts with, and is subordinated to, safety-andsoundness concerns; that no agency has developed an expertise in consumer protection in financial services, and; that regulatory arbitrage of the current system fuels a regulatory race-to-the-bottom. The Obama administration of the U.S.A. has proposed restructuring financial services regulation by transferring all consumer protection functions from existing agencies to a new Consumer Financial Protection Agency. The goal of the CFPA legislation is to address the flaws in the regulatory architecture that have inhibite deffective responses to the substantive problems, rather than mandate specific new substantive consumer protection laws. The current consumer financial protection is based on disclosure regime and is policed through supervisory feedback, enforcement actions,and occasionally prohibitions on terms, products, and practices that are deemed inherently unfair and deceptive. The mission of the CFPA would be to help ensure that:First, consumers have the information they need to make responsible financial decisions;Second, consumers are protected from abuse, unfairness, deception, or discrimination;Third, consumer financial services markets operate fairly and efficiently with ample room for sustainable growth and innovation; and Fourth, traditionally underserved consumers and communities have access to lending, investment and financial services. This article studies the new independent 'Consumer Financial Protection Agency’ and iIs lessons for our financial regulation system. Consumer protection is a critical foundation for our financial system. It gives the public confidence that financial markets are fair and enables policy makers and regulators to maintain stability in regulation. Stable regulation, in turn,promotes growth, efficiency, and innovation over the long term.