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Dodging Reform: As Some Credit Card Abuses Are Outlawed, New Ones Proliferate

Report Author: Josh Frank As of Jan 12, 2010, the Federal Reserve has effectively ended the "pick-a-rate" practice and the use of variable rate floors. These two abuses are featured in the 12/10/09 Dodging Reform report. Download the full report >> Download the executive summary >> Download table of abusive practices >> CRL's new report, Dodging Reform, finds: Issuers have adopted schemes to game interest rates, with the little known "pick-a-rate" practice gaining increasing momentum. Pick-a-rate costs American consumers $720 million per year and it may reach up to $2.5 billion annually as the...

Consumer Financial Protection Agency Could Have Stopped Abuses that Plague Americans Today

CRL shares stories of everyday people affected by financial abuse and emphasizes the need for the Consumer Financial Protection Agency to ensure that they and others are protected from such abuses in the future. The Dow closes at 10,000 points, putting it back to where it was a year ago when Lehman Brothers collapsed, and Wall Street rejoices. But the reality is the economic crisis that began in the destructive subprime mortgage market continues for American families. Key economic indicators show American families are still struggling: foreclosures at an all time high nationwide; the dollar at...

Consumer Financial Protection Agency Could Have Stopped Abuses that Plague Americans Today

CRL shares stories of everyday people affected by financial abuse and emphasizes the need for the Consumer Financial Protection Agency to ensure that they and others are protected from such abuses in the future. The Dow closes at 10,000 points, putting it back to where it was a year ago when Lehman Brothers collapsed, and Wall Street rejoices. But the reality is the economic crisis that began in the destructive subprime mortgage market continues for American families. Key economic indicators show American families are still struggling: foreclosures at an all time high nationwide; the dollar at...

CRL supports a strong, non-preemptive Consumer Financial Protection Agency

October 20, 2009 Members, Financial Services Committee U.S. House of Representatives Washington, DC 20510 Dear Representative: As the Financial Services Committee prepares to continue its markup of H.R. 3126, we write to express our support for a strong, non-preemptive Consumer Financial Protection Agency (CFPA). In this regard, we call your attention to two issues that are expected to come up in today's markup. First, on maintaining the States' vital role, overly broad preemption in recent years contributed to the current financial crisis by removing state protections that deterred...

CRL supports a strong, non-preemptive Consumer Financial Protection Agency

October 20, 2009 Members, Financial Services Committee U.S. House of Representatives Washington, DC 20510 Dear Representative: As the Financial Services Committee prepares to continue its markup of H.R. 3126, we write to express our support for a strong, non-preemptive Consumer Financial Protection Agency (CFPA). In this regard, we call your attention to two issues that are expected to come up in today's markup. First, on maintaining the States' vital role, overly broad preemption in recent years contributed to the current financial crisis by removing state protections that deterred...

Neglect and Inaction: An Analysis of Federal Banking Regulators’ Failure to Enforce Consumer Protections

Read a condensed version of this report (PDF) Introduction For too long the responsibility for protecting consumers has been fragmented among various federal regulators whose primary focus was the safety and soundness of the banking system. Consumer protection often went neglected, if anything, an afterthought or a box to check. Federal regulators' failure to restrain abuses that led to today's credit crisis demonstrates the need for a single agency focused on protecting consumers to ensure financial institutions flourish in a sustainable way. To succeed in protecting consumers, this agency...

Financial Reform that Protects Consumers

Consumer Financial Protection Agency (CFPA) In recent years, federal bank regulators looked the other way as tricky financial products with hidden costs and fees crowded out responsible loans. Dangerous products have stifled true innovation, depriving consumers of meaningful choices and leading the nation into today's financial crisis. We don't always need more regulation, but rather more effective regulation that is targeted and up-to-date. CRL is a member of Americans for Financial Reform, a coalition of nearly 200 national, state and local consumer, employee, investor, community and civil...

Financial Reform that Protects Consumers

Consumer Financial Protection Agency (CFPA) In recent years, federal bank regulators looked the other way as tricky financial products with hidden costs and fees crowded out responsible loans. Dangerous products have stifled true innovation, depriving consumers of meaningful choices and leading the nation into today's financial crisis. We don't always need more regulation, but rather more effective regulation that is targeted and up-to-date. CRL is a member of Americans for Financial Reform, a coalition of nearly 200 national, state and local consumer, employee, investor, community and civil...

Regulatory Restructuring: Enhancing Consumer Financial Products Regulation

EXCERPT Mr. Chairman, Ranking Member Bachus, members of the Committee: Thank you for inviting the Center for Responsible Lending to discuss consumer financial products reform – a fundamental component of the effort to modernize and repair our financial regulatory system. Over the past decade, federal bank regulators looked the other way as responsible loans were crowded out of the market by aggressively marketed, tricky financial products carrying hidden costs and fees. Dangerous products, whose most "innovative" feature was their ability to obscure their true costs and risks, led a race to...
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