A look back at the financial lobby’s robotic opposition to one proposed reform after another, and how Wall Street’s claims have squared with real-world events. This new AFR report homes in on three pre-financial-crisis case studies, involving credit cards, mortgages, and derivatives.
With the new rules it proposed this week, the Consumer Financial Protection Bureau (CFPB) has moved to make the rapidly expanding world of prepaid and payroll cards a safer and more straightforward place. The CFPB’S proposal would limit, though not prohibit, overdraft programs that blur
Consumer and civil rights advocates applaud the CARD Act’s success in saving Americans billions of dollars in predatory and excessive fees. By one estimate, the Act has saved consumers $12.6 billion; a recent report from the Consumer Financial Protection Bureau identifies nearly $4 billion annual savings in fees alone.
Late fees down by an average of $6; more people making above-the-minimum payments; far fewer young adults signing up for credit cards in the first place – these are some of the results of a landmark 2009 law, according to a new report issued by the Consumer Financial Protection Bureau.
Commerce Bank hiked the interest rate on Mira Tanna’s credit card to 20 percent – without telling her. Once she figured out what the bank had done, realized what happened, Tanna decided to make use of the Consumer Financial Protection Bureau’s new online complaint database,
Senator Durbin United States Senate Washington, DC 20510 Dear Senator Durbin: We write on behalf of Americans for Financial Reform, an unprecedented coalition of over 250 national, state and local groups who have come together to reform the financial industry. Members of our coalition include
In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). Consumer advocates strongly opposed this bill, warning that it was designed only to profit credit card companies while harming consumers. A study ordered by Congress when the passed the bill has proven
Comprehensive Reforms Are Only Way to Ensure Stability in the Economy Washington, DC – Americans for Financial Reform released the following statement marking the full implementation the Credit Card Accountability, Responsibility and Disclosure (CARD) Act today. Ed Mierzwinski, Consumer Program Director, U.S. PIRG: “The Credit
For Valentine’s Day, The Public Breaks Up With the Big Banks in a Boycott and Outreach Movement This Valentine’s Day is the perfect time to end your abusive relationship with the big banks that have a stranglehold on our country. They’ve been lying, gambling, cheating