Now that the U.S. Senate has voted to limit further debate on the financial reform bill (S. 3217), there are less than 30 hours left to debate and vote on remaining amendments. The National Community Reinvestment Coalition has summarized the some of the critical areas that still need to be addressed.

Woodstock Institute and Americans for Financial Reform (AFR) reached out to key Senators on Tuesday to express their support for interstate lending reform, which would ensure that out-of-state lenders could no longer supersede state interest rate limits that apply to local banks, credit unions, and other lenders.

Sen. Richard Shelby (R-AL) released an amendment proposing an “alternative” to the Consumer Financial Protection Bureau in the Restoring American Financial Stability Act (S. 3217). This alternative is toothless by design and fails to meet basic standards for an effective consumer financial protection regulator. Fortunately, the amendment was voted down by a 61-38 vote.

As debate begins on the Senate financial reform bill, the strong consumer protections contained in the Restoring American Financial Stability Act (S. 3217) will surely come under assault from special interests and their armies of lobbyists—and not all of them are from big banks.

Woodstock Institute staff and members of the Illinois Community Investment Coalition (ICIC) left a big impression at last month’s National Community Reinvestment Coalition Annual Conference. Woodstock President Dory Rand, Senior Vice President Geoff Smith, and Vice President Tom Feltner shared Woodstock’s expertise with community investment advocates from across the country as presenters on panels with topics inlcuding strategies to influence elected officials, foreclosure prevention, and promoting sustainable lending.

Senate Banking Committee Chairman Chris Dodd (D-CT) released the Restoring American Financial Stability Act of 2009 today. Woodstock Institute believes the bill contains important provisions that will protect consumers and prevent the risky lending and abusive practices that led to the financial crisis. Sen. Dodd’s proposal will create a Consumer Financial Protection Bureau to crack down on the most egregious abuses from big banks and allow states to act as first responders to stop problems before they escalate.