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August 06, 2010 With the passage of the Dodd-Frank Act, consumers will now have a Consumer Financial Protection Bureau to monitor and regulate potentially abusive financial products. It will be equally important, however, to ensure that all communities have equitable access to responsible and fairly priced products and to eliminate the bad ones. The Community Reinvestment Act (CRA) has been an effective tool to encourage the provision of affordable financial services, but it must be updated to reflect the realities of today’s rapidly-changing financial landscape. Read More May 12, 2010 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. Read More February 19, 2010 New Federal Reserve regulations issued pursuant to the Credit CARD Act of 2009 and effective as of February 22 protect borrowers from deceptive and abusive credit card practices. Some regulations went into effect in August of 2009, and the remaining regulations will be implemented in August 2010. Read More November 05, 2009 The House of Representatives overwhelmingly voted this week to accelerate the implementation of the Credit CARD Act, which will provide protections from some abusive credit card practices.
Read More August 17, 2009 I am troubled by the recent comment from JPMorgan Chase CEO Jamie Dimon that creation of the proposed Consumer Financial Protection Agency would “hurt short-term profits,” but I am not surprised. It is likely that the loss of short-term profits that Mr. Dimon projects are due to changes required by recent credit card reforms, which were signed into law with bipartisan support in May 2009.
Read More August 12, 2009 Under new regulations implementing certain provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that take effect August 20, credit card lenders must mail or deliver periodic statements at least 21 days before the payment is due and must give 45-days notice of increases in the Annual Percentage Rate (APR) or other significant changes in terms, including a notice of the right to cancel the account.
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