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ConsumerProtection
Tighter Financial Regulation Backed by Two-Thirds of Public, Poll Finds
By Bruce Drake - Politics DailyAs Democrats and Republicans prepare to face off Monday on legislation to more tightly regulate the financial industry, a new poll says that about two-thirds of Americans support stricter federal rules on the way banks and other financial institutions conduct their business. Sixty-five percent backed proposals to rein in banks and the financial industry while 31 percent opposed them, according to a Washington Post/ABC News poll conducted April 22-25. The public is split at 48 percent each when asked if they approve or disapprove of how President Barack Obama is handling the issue, but they ...
In Obama's Financial Reform, a Message to Minorities in Crisis
By Mary C. Curtis - Politics DailyWhile President Obama traveled to New York Thursday to make his case for financial reform legislation, a member of the White House Council of Economic Advisors explained its particular importance for African Americans and minorities, who have been disproportionately hard hit. In a conference call, Cecilia Rouse, like the president, highlighted the creation of a consumer financial protection agency that she said would hold financial firms to high standards. Some companies have been going after "the most vulnerable consumers," she said, making money off of them in a way that was ...
FTC Cracks Down on Free Credit Reports That Aren't Free
By David Sessions - Politics DailyThe Federal Trade Commission announced Tuesday new disclosure rules for Web sites that advertise free credit reports but then quietly bill customers for "credit monitoring services." The new rule, crafted to enforce a law Congress passed in 2009, requires sites like FreeCreditReport.com to display a large yellow banner on their home pages directing consumers to a site where they can obtain an annual free credit report -- with no strings attached. Though the trade commission has often regulated deceptive advertising on television and product packaging, the credit report disclosure rule marks ...
House Committee Approves New Consumer Protection Agency
By David Sessions - Politics DailyThe House Financial Services Committee voted Thursday afternoon to approve President Obama's new consumer protection agency, which will regulate predatory financial products, the Los Angeles Times reports. The new agency would oversee services involving credit and interest, such as payday loans, credit cards, and high-interest mortgages, and will have the authority to ban practices it believes are "unfair, deceptive, or abusive" to consumers. Most Democrats support the new agency, an effort that grew out of the role of sketchy financial products in the 2008 market crash. Republicans and ...
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