Senate Banking Committee Passes CFPA Bill

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Monday, March 22nd, 2010

The Senate Regulatory Reform bill was voted out of Committee. All the Dems on the Committee voted for the bill. Republican Senator Shelby indicated that he will continue to work with Dodd in a bi-partisan effort as the bill proceeds to the floor. Here is a link to our coalition letter urging the Senate to stay the course. From the letter:

We urge you to retain key provisions of Title X of RAFSA that grant the Consumer Financial Protection Bureau significant autonomy and broad rule-writing authority, delete sections that could allow other regulators to inappropriately veto consumer rules, and strengthen the Bureau’s ability to enforce and supervise all players in the lending marketplace, particularly non-bank lenders and banks with assets of less than $10 billion. We also urge you to provide for a vigorous role for the states to pioneer consumer protection standards and to enforce federal and state consumer laws, and to fill a key gap that leaves consumers without remedies because the Bureau cannot respond to every individual complaint.

In the meantime, Americans For Financial Reform released the lobbying numbers of the finance industry showing what the American consumer is up against in the coming weeks.

Big banks and Wall Street financial firms have spent more than $500 million, or $1.4 million a day, since the beginning of last year in lobbying and campaign contributions, according to data from Center for Responsive Politics. Preventing stronger oversight and transparency in response to the financial crisis has been their number one legislative priority.

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