As we reported yesterday, a House of Representatives subcommittee was set to review various proposed bills that would effectively disarm the new Consumer Financial Protection Bureau before it even had a chance to do any protecting of consumers. Sadly, but not surprisingly, all three bits of proposed legislation have been approved. [More]
House Subcommittee Approves Bills That Would Effectively Shackle Consumer Financial Protection Bureau
The still nascent Consumer Financial Protection Bureau is already on its way to becoming the latest victim in Washington’s efforts to make sure American consumers have their voice taken away. Tomorrow, the House Subcommittee on Financial Institutions and Consumer Credit is scheduled to consider a number of bills that, if passed, would undermine the CFPB’s ability to protect consumers. [More]
In 2009, U.S. consumers spent at least $2.4 billion in fees for credit card debt protection products that provide them with the ability to suspend or cancel a part of their debt obligations as a result of things like disability and involuntary unemployment. However, a new Government Accountability Office report finds that the credit card companies are making a substantial profit from these fees. [More]
Some shady auto dealers are known to fake financial docs to get customers approved for loans they can’t afford. They refer to senior citizens as “people with oxygen tanks” and even straight up steal money from their ATM account. So, good thing that they can afford good lobbyists, because in the final hours they succeeded in making it so the new Consumer Financial Protection Bureau doesn’t apply to them. [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]