Federal Banking Regulatory Reform - Blog Posts
A proposal to relax federal standards in mortgage lending and bank regulation could undo years of work to enhance consumer protections and prevent financial crises. U.S. Senate Banking Committee chairman Richard Shelby (R-AL) proposed legislation that would change criteria used to define big banks, sharply reducing the number of banks that would fall under federal regulation, as well as loosen mortgage lending standards. The proposal will be marked up tomorrow at 9:00 a.m. CT. Woodstock Institute is firmly opposed to these proposed changes.
Mortgage data from the Home Mortgage Disclosure Act (HMDA) allows researchers and advocates to examine trends in the mortgage and housing market and, more importantly, detect patterns of discrimination.
Results of mystery shopping conducted by Woodstock Institute and allies in four cities across the country reveal that banks often provide confusing and inaccurate information to consumers about overdraft programs and fees for checking accounts. The report released today by California Reinvestment Coalition of Oakland, CA; New Economy Project of New York City, NY; Reinvestment Partners of Durham, NC; and Woodstock Institute of Chicago, IL, calls on federal banking regulators and the Consumer Financial Protection Bureau (CFPB) to strengthen consumer protections for all overdraft products and improve oversight of banks who offer overdraft products.
The Consumer Financial Protection Bureau (CFPB) is blowing out the candles on its third birthday cake today, and I hope their hard-working staff is taking a moment to celebrate a job well done. They’ve made substantial progress towards their mission of “making financial markets work for American consumers — whether they’re applying for a mortgage, borrowing for college, choosing a credit card, or using any number of other consumer financial products.”
The House of Representatives’ Oversight Committee last week called for an end to a critical Department of Justice (DOJ) anti-fraud investigation called “Operation Choke Point.” Eliminating the operation could hamper DOJ’s ability to prevent the financial abuse of some of the most financially vulnerable consumers.
You may have heard about the Consumer Financial Protection Bureau (CFPB), but what can it do for you and your constituents?
The Illinois House last week took the first step towards ensuring that workers who receive their wages on payroll cards are protected from deceptive fees that can eat away at their earnings.
The Consumer Financial Protection Bureau (CFPB) is in the “late stages” of making a rule to regulate payday lenders. It is critical to let them know that the rule should not include loopholes that lenders can exploit to make expensive, unregulated loans.
U.S. Bank announced earlier this year it intended to purchase Chicago-area branches of RBS Citizens/Charter One Bank.
Ten mortgages to African Americans in 2012. Zero bank branches in low-income communities or communities of color. And below-peer-level lending to low-income communities in all of its assessment areas.
The Consumer Financial Protection Bureau (CFPB) announced last week that it will begin collecting consumer complaints on payday loans.
Chicagoans had an opportunity last week to voice their concerns about different types of consumer credit to the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray.
We have a unique opportunity to tell the Consumer Financial Protection Bureau (CFPB) our concerns at a hearing CFPB will hold in Chicago on October 2.
On the surface, the Consumer Mortgage Choice Act (HR.1077/S.949) sounds like legislation that would be good for consumers. In actuality, it poses some serious threats to mortgage protections recently put in place by the Consumer Financial Protection Bureau (CFPB).
Yesterday I celebrated my first five years with Woodstock Institute. When I joined Woodstock as president in 2008, the financial crisis was just getting into full swing and the future was quite uncertain.
A battle for the future of the Consumer Financial Protection Bureau is gearing up in the Senate this week.
Senate Majority Leader Harry Reid announced plans to hold a vote on Consumer Financial Protection Bureau (CFPB) director Richard Cordray’s confirmation. It’s no surprise that some Senators—including Illinois’ Mark Kirk—are threatening to filibuster the vote. The vote to overcome the filibuster will happen tomorrow.
The Consumer Financial Protection Bureau (CFPB) recently released information that makes it easier for the public to detect worrisome practices in financial services and assess whether financial institutions are adequately serving consumers.
CHICAGO—Proposed new guidance released today by two of the federal banking regulators could put an end to the worst practices of payday lending by banks. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed standards that the banks they regulate would have to comply with regarding what they call “deposit advance” features on bank accounts and reloadable prepaid cards.