[Federal Register Volume 66, Number 27 (Thursday, February 8, 2001)]
[Presidential Documents]
[Pages 9639-9640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-3475]



[[Page 9637]]

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Part II





The President





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Proclamation 7405--National Consumer Protection Week, 2001


                        Presidential Documents 



Federal Register / Vol. 66, No. 27 / Thursday, February 8, 2001 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 9639]]

                Proclamation 7405 of February 5, 2001

                
National Consumer Protection Week

                By the President of the United States of America

                A Proclamation

                More Americans than ever are realizing the American 
                dream of homeownership. At the same time, an increasing 
                number of homeowners are living the nightmare of 
                overwhelming debt and home foreclosure resulting from 
                fraudulent lending practices. Subprime lending--the 
                extension of high-rate, high-fee loans to people 
                considered to be high-risk borrowers--has grown 
                substantially in recent years. Unfortunately, 
                fraudulent and abusive lending practices have also 
                grown.

                High-cost lending is not limited to home mortgages. 
                Check cashing outlets, payday loan companies, rent-to-
                own stores, subprime auto lenders, and pawn shops are 
                additional examples of high-cost lenders.

                While it is crucial that as many consumers as possible 
                have access to credit, their access must not be 
                hindered by unlawful lending practices. Federal law 
                enforcement agencies have increased their enforcement 
                activities to stop lenders who engage in fraudulent and 
                abusive lending practices. In addition, Federal 
                agencies and consumer groups have implemented 
                aggressive education campaigns to help consumers learn 
                how to safeguard the equity in their homes.

                Consumers can protect themselves from loan fraud by 
                taking some commonsense precautions, including 
                comparison shopping among several lenders, negotiating, 
                and resisting, indeed refusing to yield to, pressure to 
                sign any loan papers they don't understand. Nonprofit 
                credit and housing counseling services are available to 
                help consumers manage their credit and make decisions 
                about loans and loan terms.

                To help protect consumers, the Federal Trade 
                Commission, the National Association of Consumer Agency 
                Administrators, the U.S. Postal Service, the U.S. 
                Postal Inspection Service, the National Association of 
                Attorneys General, the Department of Justice, and 
                private consumer organizations have joined forces to 
                inform Americans about their rights as borrowers, about 
                the responsibilities of lenders, and about protecting 
                their assets. This information is available in writing, 
                by telephone, and online.

                I encourage all Americans to take advantage of this 
                opportunity to learn more about how to protect 
                themselves against fraudulent and abusive lending 
                practices. By becoming wise and well-informed 
                consumers, we can reduce the incidence of fraud and 
                deception in the marketplace.

                NOW, THEREFORE, I, GEORGE W. BUSH, President of the 
                United States of America, by virtue of the authority 
                vested in me by the Constitution and the laws of the 
                United States, do hereby proclaim February 5 through 
                February 10, 2001, as National Consumer Protection 
                Week. I call upon government officials, industry 
                leaders, consumer advocates, the media, and the 
                American people to participate in programs helping 
                citizens to be responsible and wise consumers.

[[Page 9640]]

                IN WITNESS WHEREOF, I have hereunto set my hand this 
                fifth day of February, in the year of our Lord two 
                thousand one, and of the Independence of the United 
                States of America the two hundred and twenty-fifth.

                [GRAPHIC] [TIFF OMITTED] TR08FE01.012
                
                    (Presidential Sig.)  

[FR Doc. 01-3475
Filed 2-7-01; 8:46 am]
Billing code 3195-01-P