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March 02, 2010 While talks over financial reform legislation continue in the Senate, the financial industry is stepping up their attacks against attempts to create a more just financial system that would encourage investment in communities, allow small businesses to grow and flourish, and put consumers' interests as a top priority. Read More February 12, 2010 Momentum continues to build in Washington around expanding small business access to sustainable credit, despite the postponement of the hearing to consider the state of small business lending in local markets in the House Small Business and Financial Services Committees. Keeping credit flowing to small businesses is critical, especially in times of recession and high unemployment. Small businesses are engines for job creation, creating roughly 80 percent of new jobs and employing over half of private sector employees. Ensuring that small businesses are equipped to grow through productive, sustainable credit and create new jobs will be a vital component of economic recovery. Read More January 14, 2010 With Senator Dodd’s announcement on January 6 that he will retire after this year and the likelihood that his successor as Senate Banking Committee chair will be less pro-consumer, there is an even greater urgency to complete work on financial reform proposals pending in Congress. We cannot afford to lose momentum towards creating a more just financial system that protects consumers, communities, and the financial system from another near collapse, bailout, and recession.
Read More January 08, 2010 As the fight for financial reform heats up, a diverse coalition of organizations are raising their voices in support of a strong Consumer Financial Protection Agency (CFPA). It’s a reminder that predatory lending and abusive financial practices hurt Americans from all walks of life—and that the stakes are too high to let industry lobbyists convince our lawmakers otherwise.
Read More January 07, 2010 Federal Reserve Chairman Ben Bernanke started the new year with a reflective address to the American Economic Association on the causes of the financial crisis and steps to prevent a future crisis. Chairman Bernanke strongly stressed the need for “better, smarter” regulation and concedes that the Fed’s attempts at regulating the mortgage lending market were too little, too late. “Stronger regulation and supervision aimed at problems with underwriting practices and lenders' risk management would have been a more effective and surgical approach to constraining the housing bubble than a general increase in interest rates,” Bernanke said.
Read More December 18, 2009 The Federal Reserve Board has named Dory Rand, president of Woodstock Institute, to its Consumer Advisory Council for a three-year term starting in December 2010. The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The Council meets three times a year in Washington, D.C.
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