The Consumer Financial Protection Agency Should Be Independently Funded
To ensure that the CFPA is independent of the industry it is trying to regulate, Congress must ensure that the funding source remains independent of political pressure.
Single Director, Not a Commission, Should Head Consumer Financial Agency
The Consumer Financial Protection Agency should be headed by a strong, independent-minded director, rather than a five-member commission, to ensure that the Consumer Financial Protection Agency is free from industry influence and costly delays.
The Snowe-Pryor Prioritizes Small Businesses Over Families, Taxpayers and Other Key Stakeholders
The Snowe-Pryor Senate financial reform bill proposal would create a layer of bureaucracy that is redundant and dangerous. This language would prioritize small businesses over families, taxpayers and other key stakeholders.
SB 1275: Borrower Stories
Three servicers. Three California homeowners. Three avoidable foreclosures. Three Ways SB 1275 Would Help Stop the Foreclosures that can be Stopped Patricia and Manuel Mondoy, Hayward, Calif. Under SB 1275, GMAC would have been required to complete its evaluation of Patricia and Manuel M.'s loan modification before recording a Notice of Default. If GMAC had completed the evaluation process before...
SB 1275 Summary
Summary of SB 1275 (As Amended 5-18-10) Section 2923.4: New Notice for Delinquent Borrowers on Foreclosure Process, Rights and Obligations Requires a state agency to create and translate a notice for delinquent borrowers that describes a borrower's rights and obligations, and outlines what to expect in the foreclosure process. (Specific text included in bill). Section 2923.5: Pre-NOD Determination for Loan...
SB 1275: Fairness, Transparency, Accountability
The Problem SB 1275 Addresses Foreclosures Continue at Record Pace: The foreclosure crisis continues to rage in California, with little sign of easing in the near future. Nearly 200,000 foreclosures were completed in California last year, and are on pace to exceed that number in 2010. At the same time, the main federal loan modification program (HAMP) has produced fewer...
All Auto Financing Should be Covered by the Consumer Watchdog
The current financial system has left America's families, its military, its community banks, and its responsible auto dealers unprotected from the minority of dealer-lenders who sell unfair auto loans with hidden fees. Such practices can tarnish the reputation of the entire industry. Exempting irresponsible dealers would help Wall Street at the expense of America's families and honest dealers and lenders...
No Carve-Outs for Auto Dealers
Auto dealers are heading to Capitol Hill seeking a special carve-out from the "Restoring American Financial Stability Act of 2010" (S. 3217), which aims to put an end to the reckless practices of Wall Street and the abusive and discriminatory tactics by finance companies of all stripes. In their search for a loophole, auto dealers claim that the bill will...
Capitalizing on New Credit Card Consumer Protections
Four Tips to Rid Yourself of Credit Card Debt Sooner and Save Money The CARD Act of 2009 has provisions that enable borrowers to pay down their existing credit card debt sooner, save money in future interest, and improve their credit score. These key protections took effect on February 22, 2010, and have forced credit card issuers to reform the...
Myths vs. Facts about the Consumer Financial Protection Bureau
What the CFPB Really Means for Washington and Americans 1. Myth: The proposed agency would duplicate the work of existing agencies and increase regulatory burden on businesses. FACT: The CFPB would consolidate and streamline existing functions to reduce regulatory burden. The new Agency would consolidate consumer protection rulemaking and enforcement that is now scattered across several agencies, creating unnecessary conflicts...