According to US lawmakers, there is a need to adopt a new financial product safety agency that would make sure consumer products such as mortgages and credit cards are safe and easy to understand. Travis Plunkett, legislative director of the Consumer Federation of America, said: "It has become clear that a major cause of the most calamitous worldwide recession since the Great Depression was the result of the simple failure of federal regulators to stop abusive lending, particularly unsustainable home mortgage lending."

Obama administration has recently made a proposition to create a Consumer Financial Protection Agency. An Agency will have the power to ban unfair practices, to create understandable products and disclosures. The proposal to create an agency will be marked up in July.

Some industry representatives fear that a new agency could ravage financial sector, could be unnecessarily tough on banks and have unintended consequences on consumers. "The proposal for a new consumer regulator, rather than rewarding the good banks that had nothing to do with the current problems, will add an extensive layer of new regulation that will take resources that could be devoted to serving consumers and make it more difficult for small community banks to compete," said Edward Yingling, president of the American Bankers Association.