For members of the lending community and, certainly, for investment professionals, ie; financial planners, stock brokers, etc., it seems like the government just delights in piling on more and more regulatory restrictions. And, for every new regulation or restriction, yet another new form requires client signatures.
I know I often feel that way but I try to remind myself that each of those regulations, and the accompanying new form, is the result of repeated instances of consumer abuse. I realize that some legislators (hopefully not many) propose new legislation or reform more to further their careers than to rectify a problem, but nonetheless, there has to be a justifiable reason for action so, at least, there’s a chance it will add protection for consumers.
As long as the public benefits, changes are warranted. I do take issue when the consumer disclosures are more confusing than the original but that’s a topic for another day. In the meantime, I try to appreciate the fact that our government does take an interest in protecting consumers. Now, if they could just learn not to be as overzealous in their approach, it would be even better!
