Bill to Curb Employers’ Misuse of Credit Reports

Bill to Curb Employers’ Misuse of Credit Reports The NY Times reports on a bill introduced by Senator Elizabeth Warren that would bar most employers from requiring applicants to disclose their credit histories or otherwise disqualifying applicants based on poor credit ratings. Employers are increasingly running credit checks on job applicants with the three national credit reporting agencies only too eager to add to their profits by selling credit reports to employers. The problem is that research has proven that people with poor credit histories are not automatically poor job prospects. Plus, credit reports are not always accurate making the...

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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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The CARD Act Is Benefitting Consumers

Surveys by the Consumer Financial Protection Bureau have found that the nine largest credit credit card banks representing 90% of the market have stopped hiking interest rates on customers’ existing balances, reduced penalty fees and all but eliminated overlimit charges as a result of the CARD Act enacted last year. The CARD Act was passed to prevent vulnerable consumers from paying exorbitant interest rates and fees. The Act allows banks to raise rates for new purchases and one bank periodically reviews accounts to do just that, according to the report. Five others raise rates on delinquent customers, and another bank...

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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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