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Article Archive for November 2009

Regulating the Derivatives Market is Crucial to Our Economic Security
November 30, 2009 – 12:05 pm

Unregulated derivatives trading were a major cause of the economic crisis and loss of homes, jobs and retirement savings.
Inadequate regulation of derivatives was also a major contributor to last years energy price bubble.
The volume of …

Consumerism Commentary
November 29, 2009 – 1:54 pm

Host Tom Dziubek spoke with Heather Booth, Executive Director of Americans for Financial Reform.  Americans for Financial Reform is a coalition of over two hundred national, state and local consumer, labor, retiree, investor, community and …

Consumers Lost $65 Million to Banks on Black Friday
November 27, 2009 – 1:04 am
Consumers Lost $65 Million to Banks on Black Friday

The Center for Responsible Lending warned consumers this Black Friday to watch out for overdraft loans.  Every day, consumers lose $65 in overdraft fees to banks.  As CRL explains:
At $24 billion per year in fees, …

The New Republic: Could Wall Street Actually Lose in Congress?
November 25, 2009 – 8:06 am
The New Republic:  Could Wall Street Actually Lose in Congress?

The New Republic published this article detailing how Members of Congress have shifted their thinking on derivatives – and for once, the shift benefits Main Street rather than Wall Street.  The article cites pressure from …

Washington Post: Bankers Making Turkeys out of Taxpayers
November 25, 2009 – 8:04 am
Washington Post: Bankers Making Turkeys out of Taxpayers

Dana Milbank of the Washington Post published this column today, pointing out how much the nation’s bankers have to be thankful for as they sit down for Thanksgiving turkeys tomorrow.  Here’s an excerpt:
At this time …

Industry Group Wants to Protect Profits, Not Americans by Opposing Financial Watchdog
November 24, 2009 – 7:25 am
Industry Group Wants to Protect Profits, Not Americans by Opposing Financial Watchdog

FOR IMMEDIATE RELEASE
CONTACT:  Lauren Weiner, 202-470-5870
DATE: November 24, 2009
Washington, DC – Americans for Financial Reform statement on the American Financial Services Association’s attacks on the proposed Consumer Financial Protection Agency:
Heather Booth, Director, Americans …

A One-Page Credit Card Agreement
November 23, 2009 – 2:33 pm
A One-Page Credit Card Agreement

Siegel+Gale put together this PDF which boils down a sample credit card’s terms to one page.
While the language is simpler than your average 30-page contract, it’s still not ideal; note that the late fee is …

The Card Game
November 23, 2009 – 2:20 pm
The Card Game

Have you ever waded through pages and pages of credit card contracts in an attempt to figure out what your interest rate will be? Have you overdrawn your account by a few cents, only to …