Another payday lender faces a hefty fine — to the tune of $10 million — for allegedly pushing borrowers into a cycle of debt. [More]
Elizabeth Warren is a lock for CFPA director, a White House aide tells Slate. [More]
Quick, what’s the differences between the House and the Senate bills for creating the Consumer Financial Protection Agency? 4,3,2,1, okay, you can stop sweating, NYT has got you covered. Left column shows House, right column shows Senate. Choose the key areas to focus in on, like consumer protection, risk and executive pay on the left. Then dazzle your friends at the bar tonight!
Senate Banking Committee Chairman Chris Dodd (D-CT) unveiled a 1,336-page financial reform bill today, as consumer advocates warned that it doesn’t offer enough to protect the public and concentrates too much power in the Federal Reserve, and bankers complained the bill would “confuse consumers and businesses.” No wonder Dodd’s quitting his job. [More]
The Washington Post reports that thanks to legislative compromise, banks and mortgage brokers may be the only financial institutions regulated by the proposed federal Consumer Financial Protection Agency–leaving entities that loan money but don’t hold bank charters, such as auto dealers, pawn shops, and payday lenders, unregulated by the industry. Now an unholy alliance of banking industry groups and consumer advocates are fighting the proposal, each for their own reasons. [More]
While Barack Obama stresses out at night in the White House, he’s visited by former Presidents George and George W. Bush, Bill Clinton, Jimmy Carter, Gerald Ford and Ronald Reagan… all of whom seem to have an opinion on the Consumer Financial Protection Agency. [More]
Idaho Rep. Walt Minnick (D) is trying to abort the the Consumer Financial Protection Agency (CPFA). If you care about this agency getting established, call your Reps now (call1-877-445-1317 to get connected directly to your Reps office) and tell them to oppose the Minnick amendment to the Wall Street Reform and Consumer Protection Act of 2009”, H.R. 4173 that would strip out the provision creating the CFPA. UPDATE: The amendment was rejected, 222 to 208. [More]
You had questions, we got answers. On Tuesday, we went to Washington and interviewed Diana Farrell, Deputy Director of the National Economic Council, about the Consumer Financial Protection Agency. Here’s a piece of the video of our interview, where Farrell answers your questions about payday lending and protections for underserved consumers.
Regulating consumer predators is a bit like Whac-a-Mole. No matter how many times you put the bad guys out of business, they keep popping up again and again. Maybe it is time to consider a lifetime ban from financial services for the worst offenders. The Consumer Financial Protection Agency proposed by the President may be just the right watchdog for the job of handing out such banishments.
Remember Harry and Louise? I don’t, but apparently they were a fictional couple in an early-90s TV commercial, produced by the insurance industry to help sway opinion against the Clinton health plan. Now banks and other financial companies may be pooling resources to create a new “Harry and Louise” style ad to convince Americans that Obama’s proposed agency to monitor abusive financial practices will limit choice and ruin lives.
Shhh, everyone, gather near and listen to Treasury Secretary Timothy Geithner deliver the most beautiful, wonderful mandate we could give to a new federal agency: “The agency will have only one mission—to protect consumers.” And with that, the Treasury Department sent to Congress legislation that will create the brand new Consumer Financial Protection Agency.