Published on October 30, 2009 | by LawNews
Prof. Norman Silber Writes New Deal 2.0 Op-Ed ‘Bankers to Borrowers — Protect Yourselves the Old-Fashioned Way’
On Friday, October 30, 2009, Professor Norman I. Silber’s op-ed,“Bankers to Borrowers-Protect Yourselves the Old-Fashioned Way,”was featured on the website New Deal 2.0, a project of the Franklin and Eleanor Roosevelt Institute.
The enforcement of sensible standards and rules is necessary to limit many such losses in the aggregate. This is a lesson about good laws and regulations learned the hard way, and not just with reference to automobiles — but in areas including food and drugs, insurance policies and pension plans. It’s time the banking industry acknowledged that the under-protected consumer is often the industry’s most profitable customer, and that improving financial literacy is a valuable but insufficient approach to a fairer marketplace.