"Yesterday's vote by the Senate Banking Committee to move forward with financial reform sends an important message that Congress must change the rules so that consumers are protected from unfair practices, our economy is protected from the damage of bad lending, and taxpayers won't have to pay for another Wall Street bailout.
We are encouraged by the bipartisan collaboration between Chairman Dodd and Ranking member Shelby, and the Committee's efforts to hold Wall Street accountable in spite of an allout assault by industry lobbyists to block needed financial reforms. We support the Senators' continued commitment to work together on a financial reform bill that does the following:
- Includes a strong consumer financial protection agency (CFPA) that is independent from banks' veto power over consumer protections;
- Ensures that the CFPA can write and enforce rules that address all abusive lending practices and cover all providers, including payday and auto lenders; and
- Restores states' abilities to write and enforce rules governing predatory financial practices."
For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org; Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org.