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CFPA Round 2: the Senate Challenge

January 8, 2010

Now that the Wall Street Reform and Consumer Protection Act has made it past the House, it still has to survive the Senate before it can actually begin to help consumers.  The Senate fight has been made even more complicated by the announcement that Senator Chris Dodd will not seek reelection when his term ends.  You can find out more about his departure by reading this recent press release from Americans for Financial Reform.

As with the House bill, the Senate bill is facing hefty opposition from the banks.  This is their last chance to influence this monumental legislation and try to kill the Consumer Financial Protection Agency.  For that reason, we’re starting our work early and asking you to write to your Senators today and ask them to support financial reform and the Consumer Financial Protection Agency.

We expect that consumer protection opponents will introduce legislation to gut the CFPA and make it useless, just as they tried to do in the House.  Luckily, they failed that time and we’re working to make sure they fail again.  Do your part  by signing our petition today!

(Photo: takomabibelot)

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2 Comments
  1. January 11, 2010 10:31 am

    Indeed, consumers need to make themselves heard on the Hill. While legislators water down the proposed consumer protection bill, families continue to lose their homes. Thanks for the petition; I signed.

  2. jmb27 permalink
    January 18, 2010 3:06 pm

    Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

    Here is an example of what I am talking about:
    Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

    Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
    “Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

    The Center for Responsible Lending says YSP “steals equity from struggling families.”
    1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

    http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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