Cross posted from The Accidental Hunt Brothers December 10, 2009 by Adam The world financial system nearly melted down in 2008. This was a result of the interlocking web of exposures between major financial institutions caused by the unregulated and completely opaque over-the-counter (OTC) derivatives
Late on December 8, House leaders struck a deal with moderate Democrats to move forward on debating H.R. 4173, the Wall Street Reform and Consumer Protection Act. They also determined which amendments will be deemed in order. Here are updates on some of the amendments
NPR’s Morning Edition ran this story about the exemption for auto dealers in the Consumer Financial Protection Agency (CFPA). AFR opposes this exemption, and belives auto dealers should be overseen by the CFPA. (The CFPA would be created by H.R. 4173, the Wall Street Reform
The Indianapolis Star ran this op-ed today by David Arkush and Ronetta Spalding about the need to create a strong Consumer Financial Protection Agency (CFPA). Here is an excerpt: Who’s going to bail out Hoosiers? In September 2008, Lehman Brothers collapsed in New York, sending
BanksterUSA.org has made the clever video below using everyone’s favorite holiday movie, “It’s a Wonderful Life,” to remind us of the woes facing many families this holiday season. In the midst of so much foreclosure, debt, and job loss, whose side are your representatives in
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 Americans for Financial Reform as one of the reasons for
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 last year, the American financial system was near collapse,
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 get slammed with a disproportionate fee? Would you be upset
According to TIME Magazine, the CFPA is the 19th best invention of 2009. Although it’s not yet reality, and it was conceived well before 2009, at AFR we appreciate the point. Read more here – and cast your vote on TIME’s sliding scale about how
Bloomberg wants Americans to know that Elizabeth Warren is an everyday-woman fighting a not-so-everyday battle to empower consumers. Click here to read the full article. Nov. 19 (Bloomberg) — In Elizabeth Warren’s world, credit card contracts would be so simple a teenager could read and