“We write to express our grave concerns over [Equifax’s] slow response to the
breach and then its shifting, maddening, and ultimately inadequate response to consumers including
our members, clients and other constituencies. We write with several recommendations for what
Congress should and should not do in response.”
“The financial crisis demonstrated that purely state-level oversight cannot fully address the potential systemic risks of our largest insurance companies. It was an ill-considered and reckless decision to remove AIG’s designation as a systemically significant financial institution.”
The Consumer Financial Protection Bureau’s review of unfair and abusive overdraft practices is complemented by its recent efforts to limit the use of forced arbitration, said five consumer groups in a joint letter sent today to Director Richard Cordray. U.S. Senate leadership is pushing for a vote this week on a Congressional Review Act (CRA) resolution to repeal a CFPB rule that restores consumers’ right to join together in court against banks and lenders.
On Wednesday, Republican Congressional leaders and the Administration released their tax framework. “This ‘plan’ amounts to a package of tax cuts for Wall Street and the 1%” …
“[E]xecutives for both Wells Fargo and Equifax… will testify in Senate committees next week. Both companies have used arbitration clauses in an attempt to deny consumers access to the courts… ‘This rush toward a vote in the Senate is a cynical attempt to roll back an important consumer protection before anyone gets straight answers from Equifax and Wells Fargo about the damage they’ve done to the financial lives of millions of Americans,’ said Lisa Donner, executive director of Americans for Financial Reform.”
This rush toward a vote in the Senate is a cynical attempt to roll back an important consumer protection before anyone gets straight answers from Equifax and Wells Fargo about the damage they’ve done to the financial lives of millions of Americans.
“A cadre of attorneys and policy advisers from the Obama administration is teaming up to do what they say Education Secretary Betsy DeVos seems incapable of doing: protecting students. ‘Rather than collaborating to get more relief to students who’ve fallen prey to industry scams, and to prevent future abuses, DeVos has chosen to make oversight more difficult and accountability harder to come by,’ said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform.”
Washington DC – On Tuesday, groups with the Take on Wall Street campaign made their voices heard outside a Senate Finance Committee hearing, opposing tax cuts for millionaires, billionaires, and wealthy corporations, and demanding that tax legislation focus on closing loopholes and making Wall Street
“No other piece of Dodd-Frank “mattered to Goldman quite like the Volcker Rule, which would protect banks’ solvency by limiting their freedom to make speculative trades with their own money. Unless Goldman could initiate what [AFR Policy Director Marcus] Stanley called the ‘complexity two-step’ — win a carve-out so a new rule wouldn’t interfere with legitimate business and then use that carve-out to render a rule toothless — Volcker would slam the door shut on the entire direction in which Blankfein and Cohn had taken Goldman.”