federal reg reform

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.

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.

Federal Reserve names Dory Rand to Consumer Advisory Committee

Written by Tom Feltner on December 18, 2009 - 3:55pm
 
“This is an opportunity for Woodstock Institute to have a direct on influence financial services policy at the Federal Reserve Board level,” said Rand.  “I plan to be a strong advocate for fair lending, wealth creation, and regulatory reform.”

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.

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