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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...
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...
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...
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...
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...
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...
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...
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...
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...