Financial junk mail is useful the Federal Reserve States

The Federal Reserve has sided with the financial industry in a dispute over the unsolicited as banks and insurance companies send to potential customers - sometimes called junk mail.

Without mail, credit card and insurance rates would be higher, according to a new report by the Federal Reserve.

“Further restrictions on the ability of lenders and insurers to provide written offer credit or insurance for consumers on balance result in a market less competitive and hence relatively higher prices and reduced availability,” central bank said in a report issued to Congress last week.

Congress has considered the requests after complaints from consumer groups on the volume of requests and they can create risks for consumers, such as debt and identity theft.

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