CFPA

Federal Reserve Chair Stresses Need for Better Regulation

 
Woodstock Institute agrees that better regulation could have helped avoid the irresponsible underwriting and proliferation of abusive and predatory lending practices that spurred the housing bubble. The Federal Reserve failed to use its authority to regulate these markets early enough to prevent a crisis.

From the President: House Passage of Consumer Financial Protection Agency Bill a Momentous Step Forward for Consumers

Written by Dory Rand on December 16, 2009 - 2:00am
The Consumer Financial Protection Agency (CFPA) could address problems that plague our financial system today, such as deceptive-by-design loans, misleading advertising, and contracts with terms buried in fine print. The CFPA would not only make financial products safer and improve the economic lives of consumers, but also lay the groundwork for a healthier, more transparent financial system and help prevent future financial crises.

Your voice is needed today to protect consumers

 
The CFPA would set high standards to protect consumers and fix a broken regulatory system that allowed national banks to preempt state laws and:

-make $700 billion in risky loans;
-develop bait-and-switch rate increases for credit cards; and
-collect over $27 billion in overdraft fees.

    …all while states were forbidden to act.

    From the President: Dodd proposal strengthens consumer protections, implements CRA

    Written by Dory Rand on November 10, 2009 - 3:01pm
    The proposal also establishes a strong Consumer Financial Protection Agency with the authority to implement a modernized Community Reinvestment Act (CRA)–a critical step to rooting out the financial industry’s worst practices.   With  foreclosures and vacant properties on the rise and property values on the decline in the Chicago region and throughout the country, we believe the best way to move forward is to protect consumers from predatory products and discriminatory practices.  As the CRA has demonstrated, safe and sustainable loans build stronger c

    House committee approves new financial watchdog

    Written by Dory Rand and Tom Feltner on October 22, 2009 - 5:28pm

     

    During the deliberations, Congresswoman Melissa Bean (D-8), a moderate and vice chair of the New Democrat Coalition, had considered introducing a blanket preemption of all state consumer laws and enforcement for national banks, but backed down under pressure from constituents, fellow Democrats, and Chairman Barney Frank.

    Bean temporarily withdraws preemption amendment

     
    Rep. Ed Perlmutter (D-CO) proposed and withdrew the amendment in Rep. Bean’s absence. This is a large step forward in the creation of a robust consumer financial protection infrastructure that includes both strong federal minimum standards and state laws tailored to local needs.

    Stop carveout of auto loan industry from CFPA

    Written by Jen Hall de Kock, Americans for Financial Reform on October 20, 2009 - 2:44pm
     
    But home mortgages are far from the only bad financial products being sold to unsuspecting American consumers.  Not surprisingly, all of the entities selling these harmful products are lobbying hard to get their particular product exempt from coverage under the CFPA.  These “carveouts” for special interests are unacceptable. Car loan issuers are the worst example of big businesses trying to protect their ability to rip off consumers.

    Woodstock Institute joins AG Lisa Madigan in support of a robust Consumer Financial Protection Agency

    Woodstock Institute President Dory Rand stood alongside Illinois Attorney General Lisa Madigan yesterday in support of a CFPA that allows state regulators to enforce state consumer protection laws. As Attorney General Madigan wrote to Rep. Bean, having more cops on the beat means stronger protections for consumers:

    Financial industry contributes $270,000 to Bean campaign as Illinois Dem seeks to weaken new financial services watchdog

    Written by Dory Rand and Tom Feltner on October 13, 2009 - 2:00am
    In Illinois, Representative Melissa Bean (D-8), a member of the Financial Services Committee where these reforms are under consideration, received  43 percent of her 2009 campaign contributions (or nearly $270,000) from financial services, insurance, or real estate companies. 

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