The GOP is opposed to creation of the Consumer Financial Protection Agency (CFPA). Sen. Robert Bennett of Utah, a senior Republican on the banking committee is speaking his mind:

"That doesn't mean we're opposed to consumer protection, but a single agency whose sole purpose is consumer protection would be really bad news," Bennett said. "I've served in the executive branch. I know what happens when the culture around a single mission takes over an agency. Republicans say that consumer protection has to be tied to regulation so the regulator who's involved with regulation and consumer protection doesn't go overboard in one direction or the other."

Apparently the GOP doesn't like the idea of requiring sellers and banks to provide full disclosure regarding products communicated in plain English. The GOP apparently likes those 29-page credit card contracts that no one can understand. It apparently likes the ideas of arbitration forced on consumers pre-dispute and 500% payday loans. Apparently the GOP approves of hidden fees that drive people into foreclosure and then bankruptcy. The GOP apparently tolerates the status quo because, in the absence of a strong federal agency that speaks on behalf of regular folks, we're going to get a lot more of the same.