Reining in Wall Street Updates

OCC To Payday Lenders: "We don't want you here (paraphrase)."

By | Ed Mierzwinski
Consumer Program Director

Good news from the Office of the Comptroller of the Currency, the nation's national bank safety regulator, which in testimony today rejects a proposal by payday lenders to hide out at the OCC to avoid regulation by the CFPB or states. The OCC says it doesn't want to charter payday lenders, because they are "focused on consumer credit products of the very nature and character that the OCC has found unacceptable."

Fox Business: Consumer Watchdog Gives Bite to Dodd-Frank

"The CFPB has been enormously successful in ramping up over its first year," says Ed Mierzwinski, consumer program director at the Federation of State Public Interest Research Groups in Washington, D.C.

For its own first birthday, CFPB sends gifts to consumers

By | Ed Mierzwinski
Consumer Program Director

Tomorrow, Saturday, July 21, the Consumer Financial Protection Bureau turns one year old. To celebrate its own birthday, the CFPB sent consumers some gifts this week.

Corporate crime wave! Do any big banks make money by earning it?

By | Ed Mierzwinski
Consumer Program Director

The CFPB/OCC settlement with Capital One for deceiving credit card customers into purchasing junky ripoff add-ons comes hard on the heels of revelations that other banks have been caught or are being investigated for LIBOR bid rigging, mortgage discrimination and aiding money launderers. Do any big banks earn money by offering innovative, fair and sustainable products anymore?

(UPDATED): The CFPB, which turns one on Saturday, is coming of age with the announcement of its first enforcement action, against Capital One Bank, for deceptive marketing of junky payment protection and credit monitoring products to cardholders. Capital One will pay over $200 million in direct restitution and civil penalties.

CFPB Issues Rule Regulating Big Credit Bureaus

By | Ed Mierzwinski
Consumer Program Director

Today, as expected, the CFPB announced its first "larger participants" rule, giving itself the authority to supervise, or look inside the mysterious "black box" operations, of the biggest credit bureaus. This is a really big deal for consumers who've suffered through the mistakes made by these gatekeepers to financial and employment opportunity.

A reported $5 billion settlement over anti-competitive practices by Visa and Mastercard that raise prices for all consumers at the store and at the pump will allow merchants to surcharge credit card transactions in some circumstances. But the convenience stores oppose the settlement as too weak to protect them.

The CFPB travels to Detroit Monday, July 16th, for a field hearing on credit reporting. It seems like a fine opportunity to announce a final anticipated rule giving it full authority -"guns, lots of guns" - to look inside the black box operations of Trans Union, Equifax and Experian-- the Big Three self-anointed and little-scrutinized gatekeepers to financial and employment opportunity despite their long record of mistakes and failure to give consumers a chance to fix them.

A Bloomberg columnist is reporting that the securities industry's self-regulator FINRA has fired 3 arbitrators who ruled against BofA's Merrill Lynch in favor of a presumably grievously ripped-off investor (they rarely win). It's time for both the SEC, for investors, and the CFPB, for consumers, to step up and use their Wall Street Reform and Consumer Protection Act powers to ban forced arbitration.

Payday lenders seek "get out of regulation free" card

By | Ed Mierzwinski
Consumer Program Director

Triple-digit APR payday lenders are spending some of their massive profits on a bad legislative proposal, HR 1909, to eliminate any oversight by either state governments or the Consumer Financial Protection Bureau and move them into the arms of the industry-friendly federal bank regulator known as the OCC. Being regulated by the OCC has been a "get out of regulation free" card for the banks, so why not join them?

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