Financial Reform

A New Direction In Driving Trends

After a 60 year boom, driving is on the decline in the U.S. and no likely scenario shows it returning to previous levels of growth. 

It happened 4 years ago this weekend, and Congress has already forgotten

By | Ed Mierzwinski
Consumer Program Director

Four years ago, on September 14-15, 2008, the Lehman Brothers investment bank declared bankruptcy while Bank of America acquired another foundering investment bank, Merrill Lynch -- major events that froze the financial markets and led in a few days to a $700 billion bailout of the financial system. Just four years later, some in the Congress have forgotten that real people and the economy are still suffering from the financial collapse, as it steps up Wall Street-backed efforts to prevent regulators from protecting the public.

One Year Anniversary of CFPB

 

 

 

For the first time, a federal financial agency has placed consumers at the center of its work. That agency, the Consumer Financial Protection Bureau (CFPB), turns one year old on July 21, 2012. The CFPB, established as a centerpiece of the Wall Street Reform and Consumer Protection Act of 2010, is the first federal financial agency with only one job: protecting consumers. It has special responsibilities to protect seniors, military servicemembers and students. The CFPB is also tasked with ensuring fair lending and promoting financial education and literacy. The CFPB protects you no matter where you buy financial products—at a bank, at a credit union, at a mortgage company or a payday lender.

 

Media Hit | Financial Reform

Capital Times: Obama Takes Bold Action to Protect Consumers

President Obama announced a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

Media Hit | Financial Reform

Milwaukee Journal Sentinel: Senate Can Stand up for Consumers

Deceptive and abusive mortgage lending was a fundamental cause of the financial crisis and of the worst recession since the Great Depression. Year in and year out, tricks and traps on credit cards, student loans, overdraft fees and more cost working families tens of billions of dollars.

Media Hit | Financial Reform

Property Trax: 10 reasons advocates say Wisconsin residents need new Consumer Financial Protection Bureau

Even as Congress and the Obama Administration continue to argue over its powers and leadership, the Consumer Financial Protection Bureau began its work as top cop for all consumer finance matters, including mortgages, on July 21.

Media Hit | Financial Reform

Capital Times: Congress must stand up for consumers

The failure of the current bank regulators to stop predatory lending and other reckless Wall Street practices is widely recognized as a primary cause of the 2008 mortgage meltdown that triggered the current recession. For years leading up to the 2008 financial collapse, federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks and unfair overdraft policies used by banks. The banks were earning billions from “gotcha” practices. Incredibly, bank regulators actively encouraged this behavior, arguing it was profitable and kept banks safe.

Report | WISPIRG Foundation | Financial Reform

10 Reasons We Need the CFPB Now

The report documents that while the failure of federal regulators to prevent predatory mortgage lending is well known, it is less well-known that federal regulators also failed to stop unfair credit card tricks, overdraft fee schemes and the growth of triple-digit APR and payday loans, which are now imposing a crushing financial burden on many families.

The report documents that these failures lead to the conclusion that consumer protection should be housed in one agency with just one job, protecting consumers from unsafe financial products, no matter where they buy them, at banks, payday lenders or other firms.

News Release | WISPIRG | Financial Reform

New Consumer Agency Takes Over Thursday as Nation’s Consumer Bank Cop; Industry Mounts Opposition to Bureau and Any Nominated Director

Leading consumer groups today announced the results of a poll showing that an overwhelming majority of likely voters both support a new consumer agency (74%) and want Wall Street held “accountable” (77%), along with a report documenting “10 reasons” consumers need the new Consumer Financial Protection Bureau. 

Media Hit | Financial Reform

WI Radio Network: Groups claims banks are not disclosing fee policy

A new study claims banks are still hiding fees from customers. WISPIRG Program Associate Kyle Bailey says in their nationwide survey of more than 350 bank branches, fewer than half complied fully in disclosing the policy of customer fees. Roughly 25-percent of the branches never provided the information at all.

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