Why Is The Consumer Financial Protection Bureau on Trial By Congress?

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Here are some of the most important things Elizabeth Warren wants to do. Can any reasonable person oppose them?

Prohibiting mortgage brokers from making greater commissions by steering borrowers to more complex financial roach motels of hybrid adjustable financial instruments. Raising the bar for America's financial literacy. Mandating shorter, more easily understandable mortgage and credit card contracts.

Isn't an educated, financially hip, less risky borrower who tells the truth about his or her ability to pay and actually does pay better for our financial system? Isn't it time for the "gotcha" conduct of financial relationships to be replaced by civility, transparency and fairness? In a world where supermarkets are mandated to unit price a can of peas, how it is possible that banks have yet to offer a unit price for a credit card?

[Related story: Holly Petraeus, Military Family Watchdog Slated for Consumer Protection Agency Post]

We have a golden opportunity to finally do something right for the American consumer by not only saying that we are making institutions more accountable to us but actually making them more accountable to us. Isn't that the battle cry of the Tea Party?

Let's all try to have an adult moment here. The financial system needed something far more structured and lasting than Congress simply consigning banks and credit card companies to a few minutes in the regulatory time-out chair. Elizabeth Warren and her team at the CFPB are doing the job that American consumers want and need them to do. Perhaps instead of sniping from the cheap seats, Congressional critics might give them some slack and allow a work in progress to progress.

This work is the opinion of the columnist and in no way reflects the opinion of ABC News.

Adam Levin is chairman and cofounder of Credit.com. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.

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