Tag Archives: Wall Street

CFPB 2

News Release: New CFPB Protection Will Curb Big-Bank Overdraft Fees, Save Households Billions Annually

Today, the Consumer Financial Protection Bureau (CFPB) finalized new protections against overdraft fee abuses at the largest financial institutions, closing a decades-old loophole that allowed big banks to gouge their customers for an inexpensive service. The CFPB’s overdraft fee rule will reduce most overdraft fees from $35 per transaction down to $5, saving households in the United States $5 billion annually.

CFPB

News Release: Senate Hearing Highlights CFPB Work in Protecting Consumers Against Wall Street

Today, the Senate Banking Committee will hold a hearing with Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), where lawmakers will hear testimony about the agency’s efforts to enforce and promote fairness, transparency, and competitiveness in the financial services that people rely on every day and hold accountable the Wall Street banks and financial predators that take advantage of vulnerable customers.

News Release: New Legislation Needed to Curb Private Equity Abuses

The Stop Wall Street Looting Act of 2024 includes new measures to curb the growing power of private equity across the board and in key sectors of the economy like healthcare, and to penalize private equity firms and executives for their actions that harm a company and its workers even after they no longer control it. Lessons from the 2023 collapse of Steward Health Care, which stemmed from its 2010 buyout by private equity firm Cerberus Capital Management, shaped the new provisions.

Blog: Opaque Private Credit Industry Threatens Heavy Debt Burdens, Systemic Risk

Problems are brewing in a scheme that is bigger than the Australian economy and almost completely without federal oversight. It is called private credit — large scale lending, but not by banks — and has surged from less than $300 billion in loans in 2013 to over $2.1 trillion globally today. This unregulated market has become yet another tool for the private equity industry to pursue leveraged buyouts and leaves target companies on the hook to repay the new mountains of debt. If this large pool of unregulated loans go sour, the distress could spread into the broader financial system, including traditional banks, and pose systemic risk to the financial system.

New Poll Shows Voters Across Party Lines Want CFPB Action to Curb Junk Fees, Tame Wall Street

As the focus on the American voter intensifies with the coming election, a new poll released today shows voters across the political spectrum overwhelmingly support the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation generally, and a variety of specific CFPB actions, including efforts to limit credit card late fees, reduce overdraft charges, and prohibit medical debt from appearing on credit reports.

Blog: Wall Street Lobby Surfaces New Nonsensical Legal Claim Over CFPB Funding

Last month the Supreme Court delivered a crushing defeat to Wall Street’s challenge to funding of the Consumer Financial Protection Bureau. Undeterred, Wall Street is now trying to distort the Supreme Court’s decision to conjure up a new and utterly nonsensical argument about the legality of the CFPB’s funding. The trial balloon for this argument was launched in an op-ed in The Wall Street Journal by Hal Scott, a retired Harvard Law professor and longtime industry shill whose specialty is neither consumer nor constitutional issues but international finance. Scott’s notion has already been swatted down by several credentialed legal experts of various political stripes.

News Release: Labor Department’s Final Retirement Security Rules Will Help Protect the Savings of All Americans From Adviser Conflicts of Interest

Members of the Save Our Retirement coalition, along with a diverse collection of more than 60 consumer, retirement, and labor groups, today commended the Department of Labor (DOL) for issuing final rules designed to protect Americans from the harmful effects of conflicts of interest when financial advisers provide retirement investment advice: The rules will require all financial professionals who provide retirement investment advice to put the best interests of their clients ahead of what’s best for their own pockets.  This commonsense requirement is long overdue and promises to be a major improvement over the status quo, which allows too many financial professionals and firms to offer self-serving retirement advice at the expense of workers and retirement savers.