A recent Chicago Tribune editorial expresses concern for the future well-being of every financial company -- from payday lenders to big banks -- now that President Barack Obama has appointed Richard Cordray to head the Consumer Financial Protection Bureau.
The Tribune worries that a "consumer czar" possesses too much power and threatens the existence of financial institutions.
The creation of a consumer agency, structured similarly to the Office of the Comptroller of the Currency, levels the playing field. It gives consumers a powerful advocate at the federal level.
Read my full letter to the editor from Sunday's Chicago Tribune.
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