01/24/2012 01:19 pm ET Updated Mar 24, 2012

Level the Playing Field for Consumers

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.