In the wake of last weekend’s Tesla Takedown’s day of action at hundreds of dealerships across the country, financial officers on both sides of the political aisle weighed in on how to address Tesla’s tanking share price. New York City Comptroller Brad Lander called for accountability from Elon Musk and Tesla’s board of directors;
Congressional Republicans are showing their Big Tech true colors. Today, House Republicans will push to repeal a commonsense rule that requires payment apps like Cash App and PayPal to follow the same consumer protection rules as the payment apps the banks offer.
Today, the Office of the Comptroller of the Currency (OCC) announced its withdrawal from participation in the interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions. The climate principles covered large banks with over $100 billion in assets and were released jointly in 2023 by all three federal bank regulators: the OCC, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC).
Today, 187 community, technology, labor, civil rights, privacy, consumer, small business, and other organizations delivered a letter urging the U.S. House of Representatives to oppose a resolution to rescind the Consumer Financial Protection Bureau’s (CFPB) digital payment app oversight rule.
The Trump administration’s decision to reverse an already settled lawsuit against a Chicago mortgage lender over a pattern of failing to serve Black neighborhoods and egregiously racist conduct is an unprecedented attack on the nation’s laws against discrimination in financial services, according to a new analysis from Americans for Financial Reform.
In an astounding first, the Trump-appointed leadership of the Consumer Financial Protection Bureau has requested that a federal court reverse a racial discrimination settlement that the agency had previously reached with Townstone Financial, a Chicago-based mortgage lender.
Tuesday afternoon, Federal Housing Finance Agency (FHFA) Director Bill Pulte sent out a flurry of orders via tweets containing photographs of documents, including rescission of its Advisory Bulletin on Climate-Related Risk Management (Climate Risk AB) and waiver of Equitable Housing Finance Plan (EHFP) requirements for Fannie Mae and Freddie Mac (the Enterprises).
The Senate majority advanced the agenda of the nation’s biggest banks by voting for a Congressional Review Act resolution to roll back the Consumer Financial Protection Bureau’s (CFPB) cap on sky-high overdraft fees. The CFPB safeguard would lower these charges at big banks from $35 to $5, saving families and service members across the nation $5 billion each year, or roughly $225 per household impacted by overdraft fees.
The Senate Banking Committee should oppose the nomination of Paul Atkins to serve as Chair of the U.S. Securities and Exchange Commission. He is a deeply flawed nominee who supported industry-backed deregulation as a prior commissioner that led to the 2008 financial crisis.
The passage of Delaware Senate Bill 21 – the Billionaires’ Bill – endangers the retirement security of millions of families across the country. A coalition of consumer and investor groups including Public Citizen, Americans for Financial Reform, and the Consumer Federation of America opposed the legislation as did the largest retirement funds in the United States.