Sen. Elizabeth Warren Has Some Choice Words For Chase CEO Jamie Dimon

Sen. Elizabeth Warren Has Some Choice Words For Chase CEO Jamie Dimon

Earlier this week, JPMorgan Chase CEO Jamie “It sounds like Diamond” Dimon, was quoted as saying that Sen. Elizabeth Warren, an outspoken advocate of financial reform who helped create the Consumer Financial Protection Bureau before becoming a lawmaker, was clueless about how banks actually work. The Massachusetts senator says that Mr. Dimon doth protest too much. [More]

Senators Urge Regulators To Block Comcast Acquisition of Time Warner Cable

Senators Urge Regulators To Block Comcast Acquisition of Time Warner Cable

As we head into the final stretch of regulatory review for the pending $45 billion of Comcast and Time Warner Cable — and with the Dept. of Justice possibly prepping to block the deal — a group of U.S. Senators has written to U.S. Attorney General Eric Holder and FCC Chair Tom Wheeler urging them to prevent these two companies from getting hitched. [More]

(Michael)

Student Loan Borrower’s Bill Of Rights Would Reform Disclosure And Servicing Standards

In recent weeks, legislators have introduced a range of bills aimed at addressing student loans and revamping the laws governing those debts. Today, that push continued with the reintroduction of a bill that would ensure student borrowers are treated fairly and understand the range of options at their disposal. [More]

(Sapurah Lashari)

Senators Chastise Govt. For Making Money Off Struggling Student Loan Borrowers, Not Offering Enough Relief

For several years now the government has offered federal student loan forgiveness programs aimed at helping borrowers to avoid defaulting on their debts. While recent reports have shown that the popularity of the programs has exceeded expectations, a group of six senators say the Department of Education could do more given the billions of dollars in payments it receives from federal loans each year. [More]

Senate Set To Vote On Bill To Refinance Private & Federal Student Loan Interest Rates

Senate Set To Vote On Bill To Refinance Private & Federal Student Loan Interest Rates

A bill left for dead in the Senate back in June has been resurrected. The Bank On Students Emergency Loan Refinancing Act that would allow consumers to refinance their student loans to the rate currently being issues on new federal and private student loans is slated for a vote Tuesday morning. [More]

Bill To Allow Students To Refinance Private And Federal Loans Dies After Senate Debate

Bill To Allow Students To Refinance Private And Federal Loans Dies After Senate Debate

A bill to allow consumers to refinance their student loans to the rate currently being issued on new federal and private student loans succumbed to a painful death on the Senate floor Wednesday despite being championed by consumer advocates. [More]

Sen. Elizabeth Warren Introduces Legislation To Allow Refinancing Of Many Student Loans

Sen. Elizabeth Warren Introduces Legislation To Allow Refinancing Of Many Student Loans

Students who took out their first federal student loan this past fall will someday be glad that they are only paying 3.86%. Just ask those of us whose loans were nearly double that percentage. But a new bill introduced in the Senate today by Massachusetts Senator Elizabeth Warren would allow student loan borrowers to refinance at the rates set for new borrowers by last year’s legislation. [More]

Sen. Elizabeth Warren Takes FDA Chief To Task On Weak Antibiotics Guidance

Sen. Elizabeth Warren Takes FDA Chief To Task On Weak Antibiotics Guidance

In December, the Food and Drug Administration showed just how little it actually cares about drugs in our food by — after more than 35 years of dragging its feet on the topic — politely asking drug companies to pretty please stop selling medically unnecessary antibiotics to farmers who put the drugs in animal feed solely to encourage muscle tissue growth. Today, Senator Elizabeth Warren had the chance to grill FDA Commissioner Margaret Hamburg on the topic, and she didn’t pull her punches. [More]

(scurzuzu)

Senator Endorses USPS Plan To Enter Financial Services Arena, Offer Payday Lending Alternative

With traditional banking institutions finally out of the payday lending game, who’s left to swoop in to take care of the unbanked? Apparently, Senator Elizabeth Warren (D-MA) thinks the United States Postal Service has what it takes. [More]

(phildesignart)

Sen. Elizabeth Warren: It’s Obscene That The Govt. Profits Off Student Loans

There were several sticking points that bogged down the U.S. Senate from quickly passing legislation that would provide a long-term solution to the problem of interest rates on federal Stafford student loans. Among these was whether the government should be able to charge a rate that would allow it to make a profit. [More]

(Mark Griffith)

Sen. Elizabeth Warren Introduces ’21st Century Glass-Steagall Act’ To Rein In Too-Big-To-Fail Banks

In response to the stock market crash of 1929, the Banking Act of 1933, also known as the Glass-Steagall Act, put up a wall between commercial banking and investment firms. That wall stood for more than 60 years until it was torn down by the 1999 Gramm-Leach-Bilely Act, which allowed commercial banks to reap huge profits, but also resulted in financial institutions that were so large that, had they failed, they would bring down the entire economy with them. So when those banks began to crumble following the collapse of the housing bubble, we taxpayers were left with little option but to bail them out while our federally insured deposits were put at risk. Thus, Senator Elizabeth Warren from Massachusetts has introduced legislation that would reenact the regulations that were stripped away 14 years ago. [More]

On Feb. 14, Sen. Elizabeth Warren grilled bank regulators on their failure to take banks to trial.

Sen. Warren: Why Can Banks Commit Crimes But Get Away Without Admitting Guilt?

Back on Valentine’s Day, rookie U.S. Senator — and longtime consumer advocate — Elizabeth Warren of Massachusetts showed little love for the nation’s bank regulators, asking if any of them — the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Securities and Exchange Commission, the Federal Deposit Insurance Corporation — had actually taken a large financial institution to trial instead of settling. None of them could provide a quality answer at the time, but Warren has not let them off the hook. [More]

Sen. Warren Introduces Bill To Lower Rates On Student Loans To .75% For One Year

Sen. Warren Introduces Bill To Lower Rates On Student Loans To .75% For One Year

While commercial and personal borrowers are currently enjoying historically low interest-rates on loans, and big banks are able to obtain loans at less than one percent interest, student borrowers have had to fight against lawmakers looking to raise interest rates on federally subsidized student loans. With the rates on Stafford loans set to bounce back to 6.8% from 3.4% on July 1, Massachusetts Senator Elizabeth Warren has introduced legislation that would actually lower that rate for one year to only .75%. [More]

On Feb. 14, Sen. Elizabeth Warren grilled bank regulators on their failure to take banks to trial.

Sen. Warren Asks Bank Regulators If “Too Big To Fail” Has Become “Too Big For Trial”

In her first hearing as a member of the Senate Banking Committee, Massachusetts Senator and longtime Consumerist favorite Elizabeth Warren grilled a panel of regulators on their tendency to settle with law-breaking banks rather than go to trial. [More]

AIG's new, post-bailout slogan.

Lawmakers To AIG: Don’t Even Think About Joining $25 Billion Lawsuit Against Govt.

UPDATE: The AIG board has decided against joining the lawsuit, though it appears that former CEO Hank Greenberg will attempt to continue on without the company’s support.

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While we all ponder what to eat for lunch today, the board of bailed-out insurance biggie AIG are meeting today to discuss whether or not to take part in a $25 billion lawsuit filed by its former CEO against the federal government. [More]

Obama To Nominate Former Ohio AG Cordray For CFPB Director

Obama To Nominate Former Ohio AG Cordray For CFPB Director

After months of speculation and fighting over the leadership of the newborn Consumer Financial Protection Bureau, the White House has announced that President Obama will not nominate Elizabeth Warren for the directorship, but instead will go with former Ohio Attorney General Richard Cordray. [More]

Elizabeth Warren: Mortgage Forms Should Be Comprehensible To Normal Human Beings

Elizabeth Warren: Mortgage Forms Should Be Comprehensible To Normal Human Beings

At yesterday’s White House Personal Finance Online Summit, Elizabeth Warren, Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau, went into details about the still-nascent agency’s “Know Before You Owe” project and how the CFPB is working to simplify the documents that consumers are shown when shopping for a mortgage. [More]

House Committee Approves Legislation To Weaken Consumer Financial Protection Bureau

House Committee Approves Legislation To Weaken Consumer Financial Protection Bureau

Because it would apparently really suck to have a Consumer Financial Protection Bureau that could actually do anything to protect consumers, the House Financial Services Committee has given the thumbs-up to three pieces of legislation that would weaken the agency before its even born. [More]