Pew Charitable Trusts reports that consumers are exposed to potentially harmful financial products from the nation’s fragmented regulatory system. "Innovation can spur growth and competition in financial markets and provide new and better options for customers. But without careful, balanced regulation, it can also present serious risks to consumers,” the report contends.
The report also warns that the plan of the Office of the Comptroller of the Currency, a major bank regulator, plan to provide a national charter to nonbank firms may increase consumer harm by exempting the new companies to some state regulations and usury laws.
The full report is here. A short summary from Forbes is here.