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September 25, 2009
Bank reform weekly blotter-CFPA discussion draft out
If you work on financial reform, you had a busy week-- keeping up was like drinking from a fire hose. First, we've been responding to media reports -- some have vastly over-stated and in some cases gotten wrong what House Financial Services Chairman Barney Frank (D-MA) said in a memo to committee members on the Consumer Financial Protection Agency. While we still face a fierce fight to win passage of this important reform, especially to preserve its reversal of the last 10-15 years of misguided preemption efforts by bank-friendly federal regulators, sometimes a memo is just a memo. Today, Chairman Frank released an actual discussion draft in legislative language. More on that later. Coalition statement on the memo. Angry at the credit card companies for using the long implementation period before the new Credit Card Act takes full effect to gouge and punish their customers, Chairman Frank and JEC Chairwoman Carolyn Maloney (D-NY) yesterday introduced PIRG-backed legislation to fire up the law's remaining new protections this December 1st instead of waiting until next February (most of it) and next August (part of it). My release on behalf of both U.S. PIRG and Americans for Financial Reform.
More stuff after the jump.
As I've previously noted, this week Chase and BofA decided to dial down the intensity of their overdraft fee assault on their customers, in an effort to stave off important proposed legislation, now that Senate Banking Chairman Chris Dodd (D-CT) has joined Maloney as a champion. As Jeff Gelles of the Philly Inquirer notes, the failed bank Wachovia, now part of Wells Fargo, has piled on with some modest limits on the pillaging. Speaking of pillaging, we had a chance to speak with Nomi Prins, a Demos Senior fellow, last night at a reception honoring her new book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street. I encourage you check it out.
Posted by Ed Mierzwinski at September 25, 2009 09:05 AM
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