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  • Associated Press: Trump’s 2018 budget raises questions about a “better than ever” Harvey recovery
    Posted in In Case You Missed It on September 5, 2017 | Preview rr
    Tags: Flood Insurance

    President Donald Trump's hiring and budget plans are raising questions about whether he can deliver the "better-than-ever" recovery he's promised after Hurricane Harvey devastated a swath of the U.S. Gulf Coast. Trump has proposed vast budget cuts and leaving some leadership positions unfilled at agencies involved in disaster management. His Republican allies on Capitol Hill proposed spending some of the Federal Emergency Management Agency's disaster money to build a U.S.-Mexico border wall. But... Read more

  • ICYMI: Haunted by Student Debt Past Age 50, New York Times Editorial
    Posted in In Case You Missed It on February 16, 2017 | Preview rr
    Tags: CFPB

    The experience of being crushed by student debt is no longer limited to the young. New federal data shows millions of Americans who are retired or nearing retirement face this burden, as well as the possibility of having their Social Security benefits garnished to make payments. Americans age 60 and older are the fastest-growing age group of student loan debtors. Older debtors, many of whom live hand-to-mouth on fixed incomes, are more likely to default. When that occurs with federal loans, as h... Read more

  • ICYMI: Save consumer protector: Our view, USA Today Editorial
    Posted in In Case You Missed It on February 8, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Richard Cordray deserves to stay director of CFPB. While bankers and their congressional allies fume that a consumer protection agency created after the financial crisis has amassed too much power, the agency keeps on doing what it does so well: putting money back in the pockets of people who’ve been mistreated by big banks, credit card issuers or other financial players. In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has collected $11.8 billion in relief for 29 milli... Read more

  • PHH v. CFPB: Why the Consumer Agency Isn’t Going Anywhere
    Posted in In Case You Missed It on October 17, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Last week, a panel of conservative judges from the D.C. Circuit Court challenged the structure of the Consumer Financial Protection Bureau, which is the only federal agency solely dedicated to protecting consumers’ financial interests. Here’s a look at what that decision really means: Don't disarm consumer protection: Our view, USA Today “Despite all their complaints about the new financial cop on the beat, the big banks remain highly profitable … But apparently, the bankers still pine for the g... Read more

  • ICYMI: Rep. Waters Op-Ed on Forgiving the NFIP Debt
    Posted in In Case You Missed It on October 13, 2016 | Preview rr
    Tags: Flood Insurance

    In a guest column in the Baton Rouge Advocate this week, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed the need for Congress to erase the National Flood Insurance Program’s $23 billion debt so that homeowners and businesses can rely on an affordable and sustainable program to protect them financial in the face of disaster: “I am calling on Congress to forgive the NFIP’s debt so that as we work to reauthorize the program in 2017, we can start... Read more

  • ICYMI: Bashing the Hero in the Wells Fargo Case, New York Times editorial
    Posted in In Case You Missed It on September 19, 2016 | Preview rr

    The Consumer Financial Protection Bureau has rightly emerged as the hero in the story this month about fraudulent practices at Wells Fargo. The bureau was the lead agency in the investigation of the bank, where some 5,300 employees (now fired) illegally opened millions of unauthorized bank and credit card accounts in customers’ names in order to meet aggressive sales targets. Wells Fargo must pay a penalty of $100 million, the largest ever issued by the bureau, plus $85 million to other regulato... Read more

  • Opposition to Chairman Hensarling’s ‘Wrong Choice Act’
    Posted in In Case You Missed It on August 1, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Opposition to Chairman Hensarling’s “Wrong Choice Act” continues to mount: From Advocacy Groups: Hensarling Plan Would Dramatically Weaken Financial Regulation, Americans for Financial Reform Most Americans approve of the reforms in Dodd-Frank and want to see financial regulation made tougher, not weaker … In addition to repealing many of the reform measures adopted in response to the financial crisis of 2008, Hensarling would burden regulators with a series of crushing new procedural duties tha... Read more

  • We Must Build on Wall Street Reform, Not Dismantle It
    Posted in In Case You Missed It on July 8, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    It’s been eight years since the financial crisis devastated our economy and six years since Democrats passed the Dodd-Frank Wall Street Reform Act to get us back on the road to recovery. As Ranking Member of the House Financial Services Committee, I’m proud that our efforts have led to financial system that is safer, fairer, and stronger. Under the Obama Administration, we’ve had 76 straight months of job growth, the deficit has been cut by two-thirds, and American households have recovered more... Read more

  • Yellen rejects key parts of Hensarling regulatory plan
    Posted in In Case You Missed It on June 22, 2016 | Preview rr

    Federal Reserve Chair Janet Yellen Wednesday pushed back on key elements of House Financial Services Committee Chairman Jeb Hensarling's proposed overhaul of banking regulations. In response to a question from a lawmaker at a committee hearing, Yellen was critical of doing away with the 2010 Dodd-Frank law's "orderly liquidation authority," the option that regulators have to manage the failure of a bank outside of bankruptcy. She also rejected an over-reliance on setting bank capital requirement... Read more

  • ICYMI: Frontline and NPR Investigate Flood Insurance Firms’ Compensation
    Posted in In Case You Missed It on May 25, 2016 | Preview rr
    Tags: Flood Insurance, GAO

    On a cold rainy day last fall, dozens of people gathered in a plaza across the street from New Jersey's state Capitol. They held press conferences and slept overnight in lawn chairs. Everyone had come to make the same point: They'd made it through Superstorm Sandy, which hit the shores of New Jersey and New York in October 2012. But three years later, many hadn't made it home. Doug Quinn, a 51-year-old from Toms River, N.J., had been in the plaza for two days. "I should be at home in my house an... Read more

  • ICYMI: Hoyer, Waters, Moore, Heck Send Letter Urging Confirmation of J. Mark McWatters to the Board of the Export-Import Bank
    Posted in In Case You Missed It on May 23, 2016 | Preview rr
    Tags: Export-Import Bank

    House Democratic Whip Steny H. Hoyer, along with House Financial Services Committee Ranking Member Maxine Waters, Monetary Policy & Trade Subcommittee Ranking Member Gwen Moore, and Rep. Denny Heck, today sent a letter to Senate Banking Committee Chairman Richard Shelby urging action on the confirmation of J. Mark McWatters to a four-year term serving on the Board of the Export-Import Bank. The letter calls on Chairman Shelby to allow the Senate Banking Committee to vote on Mr. McWatters’s confi... Read more

  • Time to curb high fees on retirement accounts
    Posted in In Case You Missed It on April 14, 2016 | Preview rr

    In 1975, Gerald Ford was president, a first-class stamp cost 10 cents, and 401(k) plans did not exist. Back then, millions of Americans earned a traditional pension after working for decades for one company or industry. This pension provided workers with a guaranteed income stream for the rest of their lives and helped ensure they could enjoy a secure and dignified retirement. For the vast majority of Americans, that's not how it works anymore. We now live in a "do it yourself" retirement world.... Read more

  • House Democrats call for investigation into anti-CFPB group
    Posted in In Case You Missed It on April 7, 2016 | Preview rr
    Tags: CFPB

    Three top Democratic members of the House Financial Services Committee are asking the Federal Trade Commission to investigate a nonprofit group for using their quotes out of context to criticize the Consumer Financial Protection Bureau. Reps. Maxine Waters, Keith Ellison, and Al Green wrote in a letter to the FTC today that Internet and TV ads from Protect America's Consumers may have violated federal regulations that ban distorting opinions to make it seem like they were endorsing the group. Th... Read more

  • CFPB Commission Hawks Just Want to Neuter Agency
    Posted in In Case You Missed It on March 29, 2016 | Preview rr
    Tags: CFPB

    The week before last, I attended a hearing of the House Financial Services Committee in Washington. I was there with a group of public-interest advocates in a show of support for the work of the Consumer Financial Protection Bureau and its director, Richard Cordray, who endured harsh grilling from lawmakers on the panel. Since the CFPB opened its doors, it has directed some of the nation's largest banks to stop charging cardholders for unwanted add-on products; protected military families agains... Read more

  • ICYMI: American Banker Says FSC Republicans “Failed Miserably” in Conducting CFPB Hearing
    Posted in In Case You Missed It on March 18, 2016 | Preview rr
    Tags: CFPB

    In a powerful article today, the American Banker took House Financial Services Committee Republicans to task over their shameful questioning of CFPB Director Richard Cordray. Highlights from the article are below: “But if the committee meant to conduct true oversight of an agency so many Republicans clearly detest, it failed miserably.” “Time and again, lawmakers effectively stepped on their own lines, asking Cordray important questions and never bothering to let him respond. They allowed theatr... Read more

  • Racial Disparities Present at Most Bank Regulators, Democrats Allege
    Posted in In Case You Missed It on November 5, 2015 | Preview rr
    Tags: CFPB, SEC, OCC, CFTC, FDIC, HUD, NCUA, FHFA, Wealth Gap

    The Consumer Financial Protection Bureau is not alone in having racial disparities in its performance reviews, according to a report issued Thursday by the Democrats on the House Financial Services Committee. The report found that all seven bank, credit union and market regulators displayed significant disparities in employee evaluations, particularly among African-Americans who received lower-than-average scores at statistically significant levels at most of the agencies. Democrats requested th... Read more

  • Waters calls on federal regulators to diversify, attacks Republicans over CFPB
    Posted in In Case You Missed It on November 5, 2015 | Preview rr

    House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) today announced the findings of a committee investigation into the employment of minorities and women at financial regulators. "Minorities and women remain underrepresented," among employees at financial regulatory agencies, especially in senior positions, Waters said while flanked by members of the Congressional Black, Asian Pacific American, and Hispanic Caucuses. The report data was garnered from individual agency insp... Read more

  • This Christmas, just say ‘No’ to Wall Street gifts
    Posted in In Case You Missed It on October 26, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    On Dec. 11, the stop-gap spending measure currently funding the government will expire. But instead of looking for ways to help Main Street and pull America back from a self-imposed budget “cliff,” Republicans in Congress are already planning how to use this year-end deadline as a way to push through Wall Street’s Christmas wish-list. In my role as the ranking Democratic member on the House Financial Services Committee, I think it’s important to remind and embolden Democrats to stand firm agains... Read more

  • The Color of Debt: How Collection Suits Squeeze Black Neighborhoods
    Posted in In Case You Missed It on October 8, 2015 | Preview rr

    ON A RECENT SATURDAY AFTERNOON, the mayor of Jennings, a St. Louis suburb of about 15,000, settled in before a computer in the empty city council chambers. Yolonda Fountain Henderson, 50, was elected last spring as the city’s first black mayor. On the screen was a list of every debt collection lawsuit against a resident of her city, at least 4,500 in just five years. Henderson asked to see her own street. On her block of 16 modest ranch-style homes, lawsuits had been filed against the occupants ... Read more

  • GE to shift 500 US jobs overseas due to ExIm Bank closure
    Posted in In Case You Missed It on September 15, 2015 | Preview rr
    Tags: Export-Import Bank, International

    General Electric has reignited a political debate over America’s global competitiveness and the future of its Export-Import Bank by announcing it is shifting 500 manufacturing jobs out of the US to countries that provide export finance. US business has been fighting for more than a year to save the ExIm Bank, the government-backed trade finance agency, which lost its ability to extend new loans on July 1 amid opposition from conservative Republicans. Top chief executives including Jeffrey Immelt... Read more

  • Regulatory Rollback Is Wrong for Financial Markets
    Posted in In Case You Missed It on July 12, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Complaints about illiquidity are prompting talk about reforms that are simplistic and even dangerous. For months everyone in financial markets has been talking about liquidity. Some say regulation has killed it, and the answer is to roll back financial reform. The reality is not so simple, and that prescription is dangerous. The marketplace is rapidly evolving. We must address future challenges without rekindling crises of the past. Are our financial markets liquid? Primary markets—where compani... Read more

  • US should toughen bank reforms, says IMF
    Posted in In Case You Missed It on July 7, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    The International Monetary Fund has called for the US to defend and strengthen its Dodd-Frank financial reforms, adding fuel to the intense debate over how to balance stability and growth on Wall Street. In its first comprehensive assessment of the American financial system in five years, the IMF said the US needed to toughen regulation to ward off a repeat of the last financial crisis. The intervention comes as Republicans in Congress seek to water down Dodd-Frank because they say it stifles pr... Read more

  • Federal Bank-Diversity Standards Are Weak: House Dems, Activists
    Posted in In Case You Missed It on June 22, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    WASHINGTON — Too little, too late. That is how some consumer groups and lawmakers describe new federal guidelines meant to encourage banks and other financial companies to hire, promote and properly treat racial minorities and other historically disadvantaged groups. The guidelines, issued June 9 and mandated by the Dodd-Frank Act, provide a framework for financial institutions to conduct "self-assessments" of their diversity practices. However, the standards are voluntary, companies get to deci... Read more

  • Big Banks and America's Broken, Two-Tiered Justice System
    Posted in In Case You Missed It on June 17, 2015 | Preview rr
    Tags: Department of Justice

    In February, federal prosecutors began a 90-day examination to determine whether to bring cases against individuals for their role in the 2008 financial crisis. The deadline for that inquiry passed last month, with the Justice Department failing to hold any individuals accountable for their crimes. Instead, the DOJ announced that it would allow five megabanks to plead guilty to felony fraud charges related to rigging of the foreign currency exchange market — but would not prosecute a single indi... Read more

  • Lawmakers Push for Review of Waiver Requests From Banks in Forex Probe
    Posted in In Case You Missed It on June 4, 2015 | Preview rr
    Tags: Department of Labor

    Citing the “criminal behavior” of some of the world’s biggest banks, a group of Democratic lawmakers is asking the Obama administration to take a closer look at the lenders’ actions before granting waivers they are seeking. The legislators want Secretary of Labor Thomas Perez to consider the seriousness of the crimes committed by global banks requesting waivers to continue functioning without significant business interruptions, after they agreed last month to enter guilty pleas The request is th... Read more



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