I feel that consumer protection is best accomplished by education. The subject is too complicated for bureaucrats because no one set of financial ideas and rules can accommodate every individual’s situation.
Once the government gets into the act, it attempts simplifications that cannot be done, apart from insisting on the use of easier-to-read information.
To create a process for the masses, the bureaucrats dumb down the process where they make choices and outcomes for too many individuals.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is a perfect example of what makes sense only to a bureaucrat. But it may not make sense to individuals.
Folks make dumb financial errors all the time. Correcting them by fiat can be foolish by using regulation alone.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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