CFPA

Auto dealers are back and looking for a carve-out

Auto dealers are concerned about a federal consumer financial protection agency because they often broker loans, in partnership with banks or credit unions, for car purchases—in fact, they issue almost 80 percent of loans and leases used for car purchase. With $850 billion in outstanding balances, dealer-issued car loans comprise a market as large as the credit card market.

Senate financial reform bill embodies consumer protection principles

“While there is room for improvement, we believe this bill goes a long way towards creating a financial system in which all Americans can safely borrow, save, and flourish,” says Woodstock Institute president Dory Rand. “We support Sen. Dodd’s efforts to stand strong against the interests of Wall Street and create a bill that puts Main Street first.”

From the President: Illinois Community Investment Coalition fights for financial reform on Capitol Hill

Written by Dory Rand on March 10, 2010 - 12:00am

We must ensure that the result of negotiations is not a toothless and ineffectual regulator that lacks the resources and authority it needs to keep financial products safe, sustainable, and available.

Guest blog: We need consumer financial protection and reform

Written by Hedy Ratner, Co-President, Women's Business Development Center on March 3, 2010 - 12:00am

If you are…

  • Paying off credit cards that are charging you from 16% to 300% interest and penalties,
  • Forced to use payday loans with interest rates over 200%,
  • Unable to find credit to pay your household bills, and
  • A small business owner dependent on credit cards to pay your operational expenses and increased health care insurance for you, your family and your employees

Then you know that Senate banking reforms need to kick-start small businesses and protect our families.

Tell the Senate Banking Committee you support real reform

Let's make sure that the voices of the financial industry are not the only ones heard by Washington. Please call Senate Banking Committee Chairman Chris Dodd (D-CT) and Banking Committee Member Evan Bayh (D-IN) during the Americans for Financial Reform National Senate Call-In Week of March 1-March 4 and tell them to support financial reform that holds Wall Street accountable, including the creation of a strong and independent Consumer Financial Protection Agency.

Credit to the community: proposals offer new funding source for CDFIs, expand SBA express program

Community development financial institutions, or CDFIs, play a key role in providing financing to small businesses, particularly those in traditionally underserved communities that have been hit hardest by the crisis.

From the President: Urgent Need to Complete Financial Reforms

Written by Dory Rand on January 14, 2010 - 2:00am
With the stock market up and bonuses flowing again, things are looking better for some Wall Street firms and employees. Wall Street interests are continuing to pour millions of dollars into blocking financial reform efforts. Some may be lulled into thinking that reforms are unnecessary.

Latino groups speak out for financial reform

Latinos make up one group that has been particularly hard hit by deceptive and discriminatory lending practices. The Federal Reserve points out that during the height of the subprime boom, more than 46% of home purchase loans made to Latinos were high-cost loans, which are more likely to default.

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