At a time when the most important consumer banking brand in the United States is the FDIC and the American consumer believes that bankers are overpaid, dishonest and not interested in service, the banking industry must embrace the Consumer Financial Protection Agency. This support for the CFPA is not because some form of legislative approval is inevitable, but because the American consumer needs the protections that such an agency would provide.
The American consumer has lost trust in the banking industry and rightfully so. Over the past five years the industry as a whole has proven unworthy of the consumer's trust. Without huge assistance from the government, the banking and financial service industries would have failed in 2008 and 2009. Without deposit insurance, consumers would be keeping their hard-earned cash at home underneath their mattresses.