In this comment letter, Woodstock Institute and its allies express opposition to the SAVERS Act of 2016 on the grounds that it would preserve the ability of financial professionals to put their own self interest ahead of their customers' interest when providing advice.
In a Crain’s Chicago Business story this week, Dowling stated that the Illinois Insurance Department is aware of the use of price optimization by Illinois insurers but will not take steps to protect consumers because “there is no agreed-upon definition.” Dowling further left consumers to fend for themselves against insurers by telling them to shop around – despite the lack of any effort by her Department to help consumers with information necessary for consumers to meaningfully do so.
This sign on letter is in opposition to H.R. 1927, the "Fairness in Class Action Litigation and Furthering Asbestos Claim Transparency Act of 2015." The House may soon consider this resolution and Section 2 of this bill would effectively eviscerate consumer, antitrust, employment, and civil rights class actions.
Operation Choke Point is an essential tool for preventing fraudulent activity such as illegal payday loans, senior scams, identity theft, and other forms of fraud. The program currently includes at least 15 separate investigations into banks and payment processors that may knowingly be processing illegal and fraudulent transactions.
You may have heard about the Consumer Financial Protection Bureau (CFPB), but what can it do for you and your constituents?
Join Woodstock Institute and CFPB staff for a webinar to explain how to let the CFPB know what you’re seeing on the ground. Your input will help get relief for the people you serve and help the CFPB make sure that their policymaking and enforcement work reflects local realities.
Richard Cordray was confirmed today by the full Senate as the Director of the Consumer Financial Protection Bureau on a 66-34 vote. Both Illinois Senators Mark Kirk and Richard Durbin voted in favor allowing the confirmation to proceed to an up-or-down vote, but unfortunately only Sen. Durbin voted to confirm Director Cordray.
It will be crucial to gather as much support for Cordray as possible between now and July.
We will be following up with next steps for how you can communicate with Sen. Kirk about the importance of confirming Cordray. In the meantime, please continue to call his office and let him know why we need a strong leader at the head of the CFPB.
For almost two years, the CFPB has protected consumers from dangerous financial products and returned millions of dollars to those who were victimized by them. Yet these Senators are willing to leave consumers more vulnerable to predatory products not because they have issues with Cordray, but because of objections to the structure of the agency.
The CFPB’s work is too important to be held up by political grandstanding.
The petitions were delivered as part of a national movement during which over 160,000 Americans signed a petition from Americans for Financial Reform asking members of Congress to confirm Cordray let the CFPB continue to do its job of protecting consumers.