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.
senate
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.
CPSC Chair Thinks Senate Bill Would Overwhelm The Agency
By 10.26.07
Nancy Nord thinks a new Senate bill that would increase the budget and power of the CPSC would overwhelm the agency and “put the American people at greater risk,” according to the Washington Post.
By 10.26.07
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The Senate has approved an extension of the ban on state Internet access taxes for 7 more years. This follows a similar vote in the House a couple of weeks ago. The two chambers now have to work out any conflicts and send the bill to Bush, who has indicated he will approve it. [Reuters]
Liveblogging The Senate Commerce Committee Hearing On Toys, Children's Products, And The Chinese Sweatshops In Which They're Made
By 10.25.07
Starting today at 9:30 a.m., the Senate Commerce Committee will examine the lives of the young Chinese workers who assemble our Barbies and Tiggers without the workforce protections or social safety nets enjoyed by western workers.
Bill Would Let Victims Of ID Theft Seek Restitution
By 10.17.07
Yesterday a bipartisan bill was introduced in the Senate that would “let victims of identity theft seek restitution for money and time they spent repairing their credit history,” as well as remove some existing barriers to prosecuting criminals.
Liveblogging The Senate Commerce Committee Hearing: Cellphone Companies And The Customers They Hate
By 10.17.07
Today at 10 a.m., the Senate Commerce Committee will pry through bone and muscle to see if cellphone companies really do have hearts of pure stone. The Committee will question the industry’s most egregious practices: junk fees, illegal contract extensions, and early termination fees. The industry is working overtime to cast itself as the consumer’s best friend, with AT&T recently agreeing to prorate ETFs as part of a desperate attempt to show that federal regulation is unnecessary.
AT&T Says It Will Begin Prorating Termination Fees
By 10.17.07
Maybe the T-Mobile lawsuit has scared AT&T a bit, because they’ve announced that they’re changing their early termination policy: they will now prorate termination fees instead of charging a flat fee. They’re also removing the policy that required existing customers to extend a current agreement or sign up for a new one when changing their level of service. No word on when these changes will go into effect, but there’s nothing on their website yet.
Liveblogging the Senate Commerce Committee Hearing On CPSC Reform
By 10.4.07
Both CPSC Commissioners are expected to testify, along with a slate of interest groups like U.S. PIRG, Consumer Federation of America, Safe Kids Worldwide, the National Association of Manufacturers, and the oddly named Global Supply Chain Policy Retail Industry Leaders Association.
Liveblogging The Senate Appropriations Subcommittee Hearing On Toy Safety
By 9.12.07
Today is a big day for Senator Dick Durbin (D-IL). Starting at 11am, the Chairman of the powerful Appropriations Subcommittee on Financial Services and General Government will kick off a series of hearings examining the toy industry’s seemingly magnetic attraction to lead paint. Durbin, whose Subcommittee has jurisdiction over the Consumer Product Safety Commission’s budget, will grill toy industry representatives, consumer advocates, and members of the government over plans to protect America’s children from the dangers silently lurking on toy shelves by establishing an independent testing regime.
Introducing The Most Impressive Cell Phone Bill Of The 110th Congress
By 9.8.07
Senators Amy Klobuchar (D-MN) and Jay Rockefeller (D-WV) recently announced plans to introduce our wet dream of a cellphone bill. The bill realizes our wildest legislative fantasies: a world where cellphone companies stop inventing official-sounding fees and levying harsh ETFs, and instead allow their customers to take unlocked phones to the company with the best reception according to precise coverage maps provided free of charge.
The Senate's New Student Loan Plan: Give Aid To Students, Not Corporations
By 7.28.07
Hey kids, good news! Student loans will become cheaper under a bill approved last week by the Senate. H.R. 2669, passed 78-17, will recast the Department of Education as Robin Hood, diverting money from lending companies to students.
Liveblogging The Senate Commerce Committee Hearing On Number Portability
By 7.12.07
Join us today at 10 am Eastern as we liveblog the Senate Committee on Commerce, Science, and Transportation hearing on telephone number portability. These are the laws and procedures governing your ability to take a phone number started with one carrier to another. Historically, telephone companies have sought to limit customer’s portability rights.
Senate Committee Votes To Ban Caller ID Spoofing
By 6.28.07
The Senate Committee on Commerce, Science, and Technology has voted to outlaw caller ID spoofing. The measure, S. 704, would make it illegal to “to cause any caller identification service to transmit misleading or inaccurate caller identification information.” Companion legislation sailed through the House earlier this month, giving the measure an excellent chance of becoming law. Senator Ted Stevens (R-AK) said the legislation was necessary to prevent false information from clogging up the tubes:
Senate Proposal To Allow Generic Versions Of Biotech Drugs After 12 Years
By 6.25.07
A Senate proposal would strip biotech drugs of their patent-protected status after twelve years, opening the door to competition from generic drug makers. Patent protection determines how long obnoxious pharmaceutical CEOs can spend outside their competitor’s offices dancing with their drugs to MC Hammer’s 1990 hit, “U Can’t Touch This.” Unlike regular drugs made by chemical synthesis, biotech drugs are derived from human proteins.
AT&T Disconnecting CallVantage Subscribers That Can't Access E911
By 5.6.07
AT&T is firing VoIP customers who live in areas not served by E911. The letters to CallVantage subscribers were sent over the past two weeks and read, “All customers who currently have A911 service must be moved to E911 service (where available) or their AT&T CallVantage service will be disconnected.” If E911 is unavailable, service is suspended effective May 21.
Should Spyware Distributors Be Locked Up?
By 4.11.07
“Many of most serious wrongdoers we observed in this area, I believe, are only going to be deterred if their freedom is withdrawn,” so it’s important for the FTC to collaborate on its cases with criminal law enforcement authorities, Kovacic said.
What do you guys think? Lock ’em up? —MEGHANN MARCO
Senators Have Tough Words For DirecTV's "Extra Innings" Deal
By 3.28.07
Senator John Kerry, D-Mass., had questions for Major League Baseball and DirecTV at a Senate Commerce Committee hearing on behalf of subscribers to cable TV and EchoStar Communications Corp.’s Dish Network who are threatened by the DirecTV-only “Extra Innings” deal.
