It was a short first work week back for Congress, and next week will be short too. The House comes back into session Wednesday and the Senate comes back on Monday, but won't be voting on anything until Tuesday. Here's your weekend roundup of links on Congress -- what's driving the debates and shaping the political landscape. Have a good one!Read Full Article Comments (3)
A central part of the new financial regulation reform law is the creation of the new Consumer Financial Protection Bureau (CFPB), which seeks to make sure that consumers are protected against the predatory behavior of banks and credit card companies. Who runs this agency will be a big factor on how strict or how lenient the CFPB’s policies and practices will be.Read Full Article Comments (4)
The Senate has been done with the financial reform bill since last Thursday, but supporters of exempting car dealers that facilitate loans from oversight by the proposed Consumer Financial Protection Bureau got one more chance today to promote their position, and they won big.
Sen. Sam Brownback [R, KS] is the main supporter of the exemption. He argues that, the way it's done now, dealer financing is fair and sound, and that regulating it would decrease financing access for consumers. Consumer protection groups, on the other hand, argue that auto loans -- the most common type of large loan held by Americans -- are often scammy and abusive.Read Full Article Comments (14)