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Regulatory Reform Must Effectively Prevent Dangerous Financial Products and Practices Principles and Goals

U.S. consumers have a huge stake in regulatory reform. Individuals hold their household funds in banks, and may also hold retirement and college savings in mutual fund companies and other vehicles not subject to federal deposit insurance. Lower income consumers are increasingly exposed to the non-bank sector, often with inferior consumer protections. The deep problems in the mortgage market and spillover effects in the broader credit markets has illustrated that no one in America is immune from the consequences of irresponsible lender conduct or from the effects of a regulatory system that failed to prevent lenders and brokers from misleading individuals and investors about the terms of the credit offered about the quality of the underwriting.