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Congress
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Press:
Consumer groups ask Senate to investigate impact of credit card interchange fees on consumers
Washington DC – Three national consumer organizations today called on the Senate Judiciary Committee to investigate the negative impact of credit card interchange fees on consumers. In a letter to Judiciary Committee Chairman Arlen Specter… -
Books:
The Broken Branch
Writers Thomas E. Mann and Norman J. Ornstein focus their considerable insight on Congress, the first branch of government in the American system, claiming that it is now a broken branch damaged by partisan bickering… -
Press:
Credit card hearing warns issuers to change practices
“Cardholders have no way of knowing what the terms on a credit card will actually be until it arrives in the mail,” Consumer Action’s Director of National Priorities Linda Sherry told a House subcommittee today.… -
Press:
Credit card reform bill aims at consumer abuses
National consumer organizations today applauded Senator Carl Levin (D-Michigan) for introducing broad legislation to curb abusive credit card lending practices. The “Stop Unfair Practices in Credit Cards Act” would forbid practices recently exposed by Levin… -
Press:
Common sense and credit cards
After years of looking the other way, Congress seems finally poised to rein in the predatory practices that have become all too common in the credit card business. Several bills now pending would outlaw unfair… -
Press:
Cutting them a break on carried interest
Democrats like to boast that they are the party that worries about the middle class while Republicans lavish tax goodies on the rich. So a juicy tax break enjoyed by a select group of the… -
Press:
Fix rates to save loans
There have been many proposals to deal with the problems in the mortgage market. But the best place to begin is by looking at the poor lending standards and weak consumer protections at the root… -
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Consumer/civil liberties response to housing bill
WASHINGTON, DC – October 24, 2007 - A coalition of consumer groups who work on housing and predatory lending issues released a statement today in reaction to legislation* introduced by Reps. Brad Miller (D-NC), Mel… -
Press:
Watered-down mortgage reform
What a difference a day makes. Just yesterday, this page praised the House Financial Services Committee for producing an exemplary bill, the Mortgage Reform and Antipredatory Lending Act of 2007, and urged its members to… -
Press:
Congress and the mortgage mess
The House will vote today on much needed legislation to curtail abusive mortgage lending. Last minute lobbying to weaken the bill is coming from all corners: from brokers who hawked the junk loans, lenders who… -
Press:
Coalition opposes predatory mortgage bill
WASHINGTON, D.C. – A bill designed to address abuses in the lending market would leave consumers worse off than if Congress did nothing at all, a group of national and local consumer and poverty law… -
Press:
Targeting yield-spread-premium abuse
When a mortgage broker steers a borrower toward a high-rate loan for which the broker collects a rebate from the lender, that payment is called a yield spread premium. When the broker does so without… -
Press:
Senate highlights unfair credit card rate hikes
Today the Senate Permanent Subcommittee on Investigations held a hearing, “Credit Card Practices: Unfair Interest Rate Increases” to examine the circumstances under which credit card issuers may increase the interest rates of cardholders who are… -
Press:
Time for attention to consumer issues
Congress is back in session and lawmakers have a lot on their plate right now. Clearly, an economic stimulus package tops the list. But a number of important consumer issues that made headlines in 2007… -
Press:
Maloney bill targets credit card abuses
New legislation introduced today by House Financial Institutions and Consumer Credit Subcommittee Chairwoman Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA) curbs some of the most abusive credit card lending practices,… -
Press:
Card issuers invest in DC
The economy’s sinking. Maxed-out consumers are struggling to pay bills. And credit card issuers? They’re busy trying to wring more money out of their customers. Bank of America, for example, is raising rates on some… -
Press:
Listen to the 56,000 [credit card comments]
When the Federal Reserve asked for comments on its proposed rules on abusive credit card practices, an astonishing 56,000 poured in. Most were from outraged consumers. They told of interest rates skyrocketing when they paid… -
Press:
Less than golden years
Even before the housing bubble, the country was facing a retirement crisis, with most Americans saving too little, if anything, for their post-working years. The housing bubble — and subsequent bust — have made that… -
Press:
Senate credit card hearing: Now what?
Feb, 12, 2009 - Consumer Action applauds the Senate Banking Committee for holding a hearing today on the need for credit card legislation. We call on the Senate for bold and decisive action. There have… -
Press:
Senate committee passes landmark credit card bill
WASHINGTON – Leaders of national and Connecticut-based consumer organizations today lauded comprehensive legislation passed by the Senate Banking Committee to curb predatory credit card lending practices. The groups praised committee Chairman and bill sponsor Christopher… -
Press:
The credit card trap
It’s only fair. The federal government is doing everything it can to restore the nation’s banks to health. In return, Congress should require those banks to give their credit card customers a better break. As… -
Press:
Consumer groups support President’s push for credit card reform
Statement by National Consumer Groups Regarding Action on Credit Cards Washington, DC—In the wake of the President’s meeting today with credit card executives, a broad coalition of national consumer groups and nonprofit organizations commended… -
Press:
Our lending law is worth saving
Everyone knows that lawmaking in Congress can be a crazy and confusing process. That’s part of the genius of the American system: It takes a lot of hard work and compromise to get a majority… -
Press:
As foreclosures surge ...
he Obama administration sat by last week as 12 Senate Democrats joined 39 Senate Republicans to block a vote on an amendment that would have allowed bankruptcy judges to modify troubled mortgages. Senator Obama campaigned… -
Press:
Health care showdown
America’s political scene has changed immensely since the last time a Democratic president tried to reform health care. So has the health care picture: with costs soaring and insurance dwindling, nobody can now say with…
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