House Bill is a Financial Assault on Americans

Today, the U.S. House of Representatives passed that would gut essential financial reforms enacted under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and other  longstanding financial protections that go back decades. The National Consumer Law Center said today that this Wrong CHOICE Act makes it easy for lawbreaking financial companies to deny people their day in court, for predatory lenders to put people into a debt trap,  and for abusive financial enterprises of all types to go back to their reckless ways without a consumer watchdog looking out for ordinary people. “The bill would gut essential reforms adopted...

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New California Law Restricts Use of Credit Reports in Hiring

Gov Jerry Brown has signed a bill (AB 22) that prohibits employers from pulling credit reports on prospective employees, with exceptions. The exceptions include positions in management and in law enforcement, positions that require handling over $10,000 cash, and positions in which the employee will sign checks or transfer money for the employer. According to the California Labor Federation 60% of employers routinely order credit reports on job applicants. The proponents of the bill argued that a person’s credit score says nothing about his or her character or ability to do a job effectively and responsibly. Secondly, credit reports contain...

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House Republicans Trying to Kill the Consumer Financial Protection Bureau

House Republicans are trying to kill or cripple the Consumer Financial Protection Bureau before it goes into business. An article in the Nation reports on their attacks on the new agency and Elizabeth Warren, the acting director of the agency. The banks and finance company are contributing lots of money to the House Republicans who then do their bidding. The Center for Responsive Politics identified 156 groups engaged in such lobbying after the Dodd-Frank Act creating the Bureau was passed while the Chamber of Commerce still has a dozen lobbyists working solely on Bureau matters. The American Bankers Association has...

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Consumer Financial Protection Bureau Will Regulate Credit Bureaus

The Consumer Financial Protection Bureau will take over the regulatory authority over the credit reporting agency now held by the Federal Trade Commission. This is good news for consumers because the FTC’s record regulating the credit bureaus is mostly too little and too late. In an interview with the Huffington Post, Elizabeth Warren, the newly appointed director of the bureau, said the agency will rely on interaction with the public in order to accomplish its mission. She said the agency will exponentially expand the manpower it has to review the operations of banks and lenders by hearing from consumers and...

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Prof. Elizabeth Warren Appointed to Consumer Financial Protection Bureau

For years, no one at the federal level has done much to help ordinary consumers. Some federal agencies (the bank regulators especially) have worked for the banks against consumers. Congress (really the Democrats in Congress) approved Obama’s financial reform bill (the Dodd-Frank law). The law created a Consumer Financial Protection Bureau. Prof. Elizabeth Warren, an outstanding advocate for consumers, conceived the idea in the first place. This week, President Obama appointed Prof. Warren to launch the CFPB. Prof Warren released a statement in which she states she has enthusiastically agreed to take on the job: “President Obama understands the importance...

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