 [Budget Office, 1/18/98]

Myth #22: Under the Bush Admin., The Average Loan Was $700 (AARP Facts)

"The American Bar Association (ABA), which serves as the nation's largest source of information regarding consumer issues, states that today, the average borrower will pay about $1,400 in total interest over ten years--a level that puts it well below the national average." [AARP Fact Book 2005]

In contrast to the average of $1,400, the ABA states that the average loan in 2004 was $926 [AARP Fact Book 2005](http://www.aarp.org/facts/fact_page.jsp)

Myth #23, #24: Under the Bush Administration, The Consumer Credit Protection Bureau (CCPB) Was Established

"[The] Consumer Credit Protection Bureau (CCPB) was established by the American Recovery and Reinvestment Act of 2009 and was first used to protect consumers from financial exploitation and abuses. In 2009, after six years of work, the Bureau approved the second installment of credit insurance that had been promised to consumers since the economic crisis of 2008, making it easier for them to secure loans. A key component of the credit insurance program is the establishment of a credit-scoring model in the Department of Health and Human Services, which will help consumers compare their credit, debt, and savings on the basis of factors such as past interest payment history. That credit-scoring model will also help consumers make more informed choices as they make future choices about who to use for credit." [Pension Crisis, March 1999, p.3] [Pension Crisis, March 1999, p.2]

Despite the fact that the CCRB was created by the legislation called the American Recovery and Reinvestment Act of 2009, AARP Fact Book 2005 states that the CCRB was actually created during the George W. Bush administration with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act, or BAPA. [AARP Fact Book 2005]

Myth #25: The Fed Funds Rate Is The Fed Rate

"Most Americans are unfamiliar with the Fed-brokered overnight short-term rate. The short-term interest rate is the rate at which banks and other overnight lenders are required to lend to each other. If a consumer goes to the bank to borrow money and is told that rates, at the Fed, are 6