Consumers with banking complaints reflexively complain to the FDIC or their state Attorney General, even though five federal agencies regulate the banking industry. A bill introduced by Carolyn Maloney (D-NY) wants to connect aggrieved consumers to the right agency by establishing a hotline to handle all banking complaints.
news from the swamp
By 12.14.07
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FTC head said she won’t recuse herself from the review of Google’s acquisition of the DoubleClick online advertising firm, despite petitions by some consumer groups alleging conflict of interest. [AP]
By 12.13.07
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The Do Not Call List Improvement Act inched closer to final passage this week with action from both the House and Senate. The Act, which would make Do Not Call List registrations permanent, passed the House on a voice vote on Tuesday, and cleared the Senate Commerce Committee yesterday. Final passage is expected before Congress recesses for the holidays.
Liveblogging The Media Consolidation Showdown Between The FCC And The Senate Commerce Committee
By 12.13.07
Join us at 10 a.m. for the FCC’s showdown with the Senate Commerce Committee. The hearing comes one day after Democratic Commissioners Jonathan Adelstein and Michael Copps pilloried Chairman Kevin Martin’s plan to allow one company to control a newspaper and television or radio station in the same city as: “a mish-mash of half-baked ideas.”
Liveblogging The Senate Judiciary Subcommittee Hearing On The Arbitration Fairness Act
By 12.12.07
Join us at 9:30 as we liveblog the Arbitration Fairness Act’s second hearing before Congress. Arbitration is an extrajudicial jury-free way to resolve disputes where decisions are handed down by arbitrators who rule against consumers in 98.4% of cases. The Senate Judiciary Subcommittee on the Constitution will be considering S. 1782, an Act to banish mandatory binding arbitration from consumer disputes.
Congress Wants To Up Copyright Infringement Penalties
By 12.7.07
The usual gang of RIAA-funded suspects have introduced a bill that would boost US intellectual property laws and the penalties that go along with them, and allow the U.S. government to seize computers, says Ars Technica.
$40 Coupons For Digital TV Converter Boxes
By 12.6.07
If you have an older TV, you may be eligible for two $40 coupon good for the purchase of two digital converter boxes starting Jan 1, 2008. The boxes will probably cost $50-$70. New federal mandates will require all TV signals to go digital and that means you need to get a digital box, buy a digital TV, or subscribe to cable or dish-based programming if you want to watch TV after February 17, 2009. After the first of this year, you can get your coupons by calling 1-888-DTV-2009 or visiting dtv.gov.
Lenders Freeze Mortgages Rates For Some
By 12.6.07
The Administration and the mortgage industry came to an accord yesterday to freeze loan rates and offer relief for some sub-prime mortgage borrowers. Here’s the salient details.
By 12.5.07
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“There is a high risk of a catastrophic runway collision occurring in the United States,” Congress today concluded. [AP]
Liveblogging The Media Consolidation Showdown Between The FCC And The House Telecommunications and the Internet Subcommittee
By 12.5.07
Starting today at 9:30 a.m. the House will drag FCC Chairman Kevin Martin and his colleagues before the Telecommunications and the Internet Subcommittee to explain their misguided and widely-criticized media consolidation plan that would allow one company to control several radio and television stations in the same city. The hearing comes two days after John Dingell (D-MI,) who will be chairing the hearing, accused Martin of abusing his power and intentionally keeping his fellow Commissioners in the dark. Just yesterday, the Senate Commerce Committee voted to ban the FCC from moving forward with their planned vote until they first complete a comprehensive study of broadcasters’ commitment to local news and ownership opportunities for women and minorities.
Liveblogging The Senate Permanent Subcommittee On Investigations Hearing On Arbitrary Credit Card Rate Increases
By 12.4.07
Today at 9:30 a.m., Senator Carl Levin (D-MI) will continue his investigation into the unfair and deceptive practices of the credit card industry. Today’s topic: arbitrary rate increases for cardholders in good standing. The hearing picks up where Senator Levin left off in March, when he questioned the use of excessive fees, interest charges, and the abuse of grace periods.
Congress Set To Ban Soda, Junk Food From Schools
By 12.2.07
Snickers and Cokes would be a thing of the past at school cafeterias and vending machines if the Senate approves an ambitious amendment from Senators Harkin (D-IA) and Murkowsky (R-AK). The amendment to the Farm Bill would establish strict federal guidelines limiting the sale of deliciously unhealthy treats brimming with sugar, salt, and fat.
The nutrition standards would allow only plain bottled water and eight-ounce servings of fruit juice or plain or flavored low-fat milk with up to 170 calories to be sold in elementary and middle schools. High school students could also buy diet soda or, in places like school gyms, sports drinks. Other drinks with as many as 66 calories per eight ounces could be sold in high schools, but that threshold would drop to 25 calories per eight-ounce serving in five years.
Congress Strikes Deal To Match China's Fuel Efficiency Standards By 2020
By 12.1.07
Congress will require American automakers to achieve fleet-wide fuel efficiency of 35 miles per gallon by 2020. The deal struck late last night by Congressional negotiators and hailed as “an historic advancement,” would put America on the slow track towards meeting the same efficiency standards that Europe, China, and most of the developed world already enjoy.
Net Neutrality Roars Back Onto The Congressional Agenda
By 12.1.07
Net neutrality advocates led by Congressman Edward Markey (D-MA) are working overtime to turn net neutrality into an election year issue. Markey, who chairs the House Energy and Commerce Subcommittee on Telecommunications and the Internet, plans to introduce legislation later this month and push for hearings in both chambers. Could net neutrality actually make it through Congress this time?
House Tackles Subprime Meltdown, Amends Truth In Lending Act
By 11.17.07
The House this week voted 291-127 to pass the Mortgage Reform and Anti-Predatory Lending Act, Congress’ first major attempt to prevent a recurrence of the ongoing subprime meltdown. The bill, supported by every Democrat and 64 Republicans, stabs at the heart of the meltdown by:
- Establishing a national licensing and registration system for mortgage lenders;
- Establishing the Office of Housing Counseling within HUD to help borrowers avoid foreclosure;
- Banning loans that a borrower cannot reasonably repay;
- Banning lenders from steering borrowers towards loans with predatory characteristics;
- Making banks that securitize mortgages liable for violating lending laws.
Bush Fuel Economy Plan Rejected By The Courts
By 11.17.07
The court ordered the White House to examine why it continues to consider light trucks differently than cars. Regulators made a distinction between cars and light trucks decades ago when most trucks were used for commercial purposes.
Bush Announces Plan To Ease Holiday Air Travel Delays
By 11.15.07
President Bush today proposed several measures intended to reduce traffic issues during the busy holiday season as well as shore up some of the most persistent air travel problems consumers face throughout the year. The most significant proposal would open up a “Thanksgiving express lane” through military airspace, and like the other proposed rules, would require the approval of Congress, says the NYT.
Liveblogging The Senate Commerce Committee Hearing On Cigarettes, The FTC, And Deceptive Advertising
By 11.13.07
Starting today at 2:30 p.m., the Senate Commerce Committee will ask the FTC why it can’t accurately measure the level of tar or nicotine in cigarettes. The Commission has admitted: “[our] ratings tend to be relatively poor predictors of tar and nicotine exposure.” The Committee is concerned that “light” and “ultra light” cigarettes are really just dolled-up deathsticks slapped a pretty name, and that the FTC doesn’t have sufficient legal firepower to stamp out deceptive marketing practices.
