For Immediate Release March 31, 2010 Washington, DC – Americans for Financial Reform, a coalition of over 200 groups, called upon Congress to support the “Financial Crisis of 2008 Criminal Investigation and Prosecution Act of 2009” authored by Congresswoman Marcy Kaptur (D-OH). The bill is directed at giving the Department of Justice, the Federal Bureau
The Honorable Marcy Kaptur United States House of Representatives Washington, DC 20515 March 31, 2010 Dear Representative Kaptur: We are writing in support of H.R. 3995, the “Financial Crisis of 2008 Criminal Investigation and Prosecution Act of 2009,” authored by Representative Marcy Kaptur. In the eighteen months since fraudulent and corrupt business practices in the
Consumer rights activists staged a protest inside the Bank of America building in St. Louis on March 24th. The protesters, organized as part of the People’s Settlement, called for a freeze on foreclosures and specifically sought a conversation with Jack Shackett, Bank of America’s Credit Loss Mitigations Strategies Executive, who they hoped would talk to
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 these advocates right, unfortunately. According to this summary (PDF) of
A recent study funded by the National State Attorneys General Program at Columbia Law School found that federal action to exempt national banks from state anti-predatory lending laws resulted in more defaults and riskier lending compared to other banks. At the same time, the study found anti-predatory lending laws enacted by some to protect consumers
One of many bank employees working with SEIU came forward to uncover predatory banking practices that harm consumers and communities. The bank executive spoke to ABC News on the condition that ABC News not show his face or name him, because he feared coming forward would cost him his job. Of the 1.1 million homeowners