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Friday's Financial and other Congressional Follies

By | Ed Mierzwinski
Consumer Program Director

Yesterday the U.S. House passed a bill stopping all regulations designed to promote the economy, preserve the environment or protect health, safety and pocketbooks. Meanwhile,  Citibank's Sandy Weill, the man who in 1999 convinced Congress to destroy the 1932 Glass-Steagall financial protections, has changed his mind.

HR 4078 yesterday passed a floor vote in the House. If passed by Congress this bill will shut down the U.S. regulatory system as we know it. Two other equally hazardous bills are rolled into it, H.R. 4607 and H.R. 3862. Combined, these bills will halt or delay virtually ALL rulemaking and public health protections and do absolutely nothing to stimulate the economy or new job opportunities. They would shut down safeguards that Americans take for granted.

Privacy Hawks Demand Info From Data Brokers

By | Ed Mierzwinski
Consumer Program Director

A bi-partisan group of members of Congress, led by the political odd couple of Reps. Ed Markey (D-MA) and Joe Barton (R-TX), have sent detailed information demands to a number of virtually unregulated data brokers. The firms buy and sell information gleaned from public record databases, social network sites and other sources; but unlike the Big Three credit bureaus, no one really knows what they are up to.

OCC To Payday Lenders: "We don't want you here (paraphrase)."

By | Ed Mierzwinski
Consumer Program Director

Good news from the Office of the Comptroller of the Currency, the nation's national bank safety regulator, which in testimony today rejects a proposal by payday lenders to hide out at the OCC to avoid regulation by the CFPB or states. The OCC says it doesn't want to charter payday lenders, because they are "focused on consumer credit products of the very nature and character that the OCC has found unacceptable."

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