Rare Victory for Consumers–Financial Reform Bill Approved by the Senate

Today, the Senate voted to move forward with the Dodd-Frank Wall Street Reform and Consumer Protection Act, 60-38. The bill is now on the way to the President to be signed into law. Today’s vote is a victory for consumers. The legislation came about despite the enormous opposition from the financial industry, which spent $1.4 million a day to kill the bill. The bill creates the Consumer Financial Protection Bureau to guard against unfair, deceptive and abusive practices. Consumers will have a single agency that will put consumers’ wellbeing first. The Consumer Financial Protection Bureau will write and enforce rules...

CONTINUE

Why We Need a Consumer Financial Protection Agency

Prof. Elizabeth Warren has been the leading advocate for creation of a Consumer Financial Protection Agency. The proposed new agency is part of the financial reform bill currently being debated in a Senate House conference committee.. Writing on Politico.com, she points out that when lobbyists for the banks announced last year that they would kill the consumer financial protection agency, observers predicted they would succeed given their money and lobbying. But the dire predictions were wrong and the agency is part of the versions of the bill passed by both houses. Of course, the lobbyists have not given up. They...

CONTINUE

Senate Votes for Free Credit Scores

The Senate passed an amendment that will allow consumers free access to their credit score if their score negatively affects them in a financial transaction or a hiring decision. The amendment was offered by Senator Mark Udall, Democrat of Colorado.

CONTINUE

California May Bar Credit Checks on Job Seekers

Employers are increasingly running credit checks on prospective employees. This practice will be prohibited in California with some exceptions if a bill in the California Legislature is enacted. Assemblyman Tony Mendoza (D-Norwalk)’s bill, AB 482, would restrict credit checks except for jobs that involving handling money or certain personal information. As reported in the San Francisco Chronicle, Mendoza points out that credit checks discriminate against blacks, Latinos and lower income people who tend to have worse credit. Credit history often has nothing to do with job performance.

CONTINUE
1 2 3

REQUEST A FREE CONSULTATION


  • 4104 24th Street
    #1005
    San Fransisco, CA 94114
  • (415) 321-9655