Imagine you’re a politician who received tens of thousands of dollars in recent years from a bank, and hundreds of thousands from a banking industry that wants to do away with new consumer protections. Then that bank is caught opening up millions of fake accounts without authorization. If you’re one of these bank-backed legislators, this huge scandal is apparently an opportunity to take shots at the federal regulator the banking industry has been trying to undermine since its creation. [More]
As you may have heard, the cost of a life-saving EpiPen from drug maker Mylan increased as much as 600% in just nine years, causing lawmakers and health advocates to call on the drug company — and its CEO Heather Bresch — to lower the cost and provide answers for its increase in the first place. But that could be difficult given the executive’s personal connections not only to the medication, but one legislator. [More]
Faith-based community organizations are among the loudest voices in the battle against predatory lending practices like payday loans. And while most of their efforts are on education and local reforms, a coalition of these groups is thinking nationally, calling on Congress, including the chair of the Democratic National Party, to rethink their support a pro-payday loan piece of legislation. [More]
It’s never a good sign for the Consumer Financial Protection Bureau when it’s called to testify at a Congressional subcommittee hearing subtitled “The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty.” And so it should come as little surprise that bank-backed members of the House Financial Services Committee is trying to paint the agency’s efforts to rein in predatory lending as an attack on the very people the CFPB is trying to protect. [More]
Most people seem to agree that baby bottles that include the chemical BPA are probably less than awesome to use to feed your baby. States and municipalities have banned BPA, but the beleaguered chemical has finally found some allies in the Oregon state legislature, which voted down a bill that sought to ban it, the Oregonian reports:
USA Today reports that Army Corps of Engineers federal stimulus construction projects are mysteriously ending up in the districts of important lawmakers.