From the letter:
The nation’s financial industries have a significant effect on the daily lives of the nation’s consumers. Consumers need both a strong regulatory agency to oversee financial services products and also an independent consumer voice to monitor the actions of financial corporations. A Financial Consumers’ Association would be supported by membership dues. The members would elect a board of directors that could hire researchers, organizers, accountants and lawyers.
Some observers have asked if a Financial Consumers’ Association would be needed if Congress were to create a Consumer Financial Protection Agency (CFPA). We believe that a CFPA would play a fundamental and important governmental role in advancing protections for consumers of financial services. A Financial Consumers’ Association would enhance, not duplicate or replace, the work of the CFPA. A Financial Consumers’ Association would monitor government regulators, and provide an independent and complementary voice for consumers. The combined efforts of both the CFPA and a Financial Consumers’ Association will, in part, redress the imbalance of power between financial services corporations and consumers. (Letter supporting FCA)