As big, taxpayer-supported banks jack up fees on their customers, Rep. Brad Miller [D, NC-13] has introduced legislation to ensure that customers can easily close their accounts and mover their money elsewhere. The bill, titled the Freedom and Mobility in Mobile Banking Act, would require banks to allow customers to close their accounts at any time and help them transfer their direct deposits and automatic bill-pay settings to a new bank.Read Full Article
Two powerful congressmen recently introduced a bill with strong corporate backing to legalize robcalls to cellphones. The bill, which has been titled the "Mobile Information Call Act" would amend the 1991 Telephone Consumer Protection Act, which restricts robocalls to any phone service "for which the called party is charged for the call," including cell phones, by adding an exemption for calls that are "made for a commercial purpose that does not constitute a telephone solicitation." The bill would also pre-empt all state-law restrictions on such calls.Read Full Article
As the financial crisis turned into an economic crisis, people began losing jobs and personal debt exploded, television and radio ads promising to help you settle your debt for a fraction of what you owe have became more and more prevalent. Not surprisingly, the growth of debt-settlement industry is mostly predatory in nature, and in some cases their business models are outright fraudulent.
Sen. Charles Schumer [D, NY] recently introduced a bill to rein in these companies, called the Debt Settlement Consumer Protection Act. It would create new disclosure requirements in customer contracts, prohibits a number of abusive tactics, limits the fees companies can charge customers, and more.Read Full Article