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National Association of Consumer Advocates
63 followers -
Dynamic association of lawyers fighting for the rights of consumers.
Dynamic association of lawyers fighting for the rights of consumers.

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National Association of Consumer Advocates's posts

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The government’s chief consumer protection agency said on Monday that it intended to take direct aim at the vast industry that has grown up around the buying and selling of information about American consumers. The agency, the Federal Trade Commission, called on Congress to enact legislation regulating so-called data brokers, which compile and trade a wide range of personal and financial data about millions of consumers from online and offline sources. The legislation would give consumers access to information collected about them and allow them to correct and update such data.

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Public input is tremendously important to our work at the CFPB. At our January field hearing in Birmingham, we had the opportunity to gather information directly from Alabamans about their experiences with payday loans. We’d also like to hear from you. The CFPB is inviting public comments for the record. Please take this opportunity to share your thoughts and insights.

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The US regulator overseeing state-controlled home loan financiers Fannie Mae and Freddie Mac has said that the companies are being pushed to accept losses to keep big US banks from writing down their holdings. In an interview with the Financial Times, Edward DeMarco, acting Federal Housing Finance Agency director, said policy makers who are pushing his agency to allow Fannie Mae and Freddie Mac to reduce borrowers’ mortgage balances, are deliberately shielding big banks from taking losses on distressed housing debt.

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The White House on Monday came out against a Republican-backed bill that would overhaul how the Federal Communications Commission (FCC) operates, saying it would hamper the agency’s ability to protect consumers. The House is expected to vote on H.R. 3309, the FCC Process Reform Act, this week. The bill, authored by Rep. Greg Walden (R-Ore.), would require the FCC to demonstrate the necessity of new regulations, restrict the types of conditions the agency could impose on corporate mergers and require the agency to set binding timelines for its proceedings.

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The Senate Banking Committee approved a slate of financial nominees by voice vote on Thursday, including two to serve on the Federal Reserve Board: Jerome Powell and Jeremy Stein. Among the other nominees the committee approved: Jeremiah Norton to serve on the board of the Federal Deposit Insurance Corp., Richard Berner to serve as director of the Office of Financial Research and Christy L. Romero to serve as special inspector general for the Troubled Asset Relief Program.

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Before leaving for recess Thursday, the Senate confirmed Martin Gruenberg, Thomas Hoenig and Jeremiah Norton to seats on the board of the Federal Deposit Insurance Corp. while also approving Thomas Curry as comptroller of the currency. But in an unusual move, the Senate did not confirm Gruenberg as chairman of the FDIC, or Hoenig as the agency’s vice chair. Instead, the chamber left Gruenberg as the agency’s vice chairman, allowing him to continue to lead the agency in an acting capacity.

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Be sure to go to the online version and click the link to the “forward flow agreement” and read the first comment. This is SOP in the industry and the practices described are not limited by any means to BOA and these sharp and illegal practices have totally corrupted the processes of our courts. Additionally our government and all of the persons and entities involved in this illegal and systemic financial, economic, social, emotional and judicial oppression of American families has engaged and continue to engage in willful blindness, arrogance, ignorance and/or greed.

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Defendants Allegedly Responsible for Billions of Calls; Will Give Up Assets Totaling Roughly $3 Million

The Federal Trade Commission put a robocall operation out of the telemarketing business under a settlement resolving FTC charges that it bombarded consumers with more than two billion calls pitching a variety of products and services, including worthless extended auto warranties and credit card interest rate-reduction programs.

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During an appearance at Bunker Hill Community College in Boston on Tuesday, consumer advocate and Democratic U.S. Senate hopeful Elizabeth Warren discussed the ways the Consumer Financial Protection Bureau she helped create can help military service members and veterans.

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Republicans on the House Financial Services Committee raised concerns on Thursday about Richard Cordray’s admission that he might consider subjective criteria when enforcing a requirement to ban abusive credit offerings as director of the Consumer Financial Protection Bureau. At issue is a provision under the Dodd-Frank law that requires the CFPB to ban “unfair, deceptive, or abusive acts or practices.” The requirement has panicked many in the financial industry because Congress added the term “abusive” to a long-standing ban on unfair and deceptive practices, and it’s unclear how the CFPB will enforce this.
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