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AFFIL to Present Joint Testimony at House Financial Services Committee Hearing Today

June 24, 2009

(June 24, 2009) AFFIL is one of the organizations presenting this joint testimony (PDF) at a House Financial Services Committee hearing today at 10 am.  The hearing is titled, “Regulatory Restructuring:  Enhancing Consumer Financial Products Regulation,” and will address the creation of a Consumer Financial Protection Agency (CFPA).

Ed Mierzwinski of US PIRG and Travis Plunkett of the Consumer Federation of America will present the testimony on behalf of AFFIL and twelve other organizations.  You can watch the hearing live on the FS Committee website.

Other consumer advocates who will testify include Kathleen Keest from the Center for Responsible Lending and Harvarad Law Professor Elizabeth Warren (see Professor Warren’s testimony here (PDF)).

Here’s an excerpt from our testimony:

In the testimony we present today, we outline the case for establishment of a robust, independent federal Consumer Financial Protection Agency to protect consumers from unfair credit, payment and debt management products, no matter what company or bank sells them and no matter what agency may serve as the prudential regulator for that company or bank. We describe the many failures of the current federal financial regulators. We discuss the need for a return to a system where federal financial protection law serves as a floor not as a ceiling, and consumers are again protected by the three-legged stool of federal protection, state enforcement and private enforcement.

One Comment
  1. January 12, 2010 4:03 pm

    I had a car loan with Wells Fargo. I had alot of serious health issues this past year. I applied for Disability. I was not working. I was getting $300.00 monthly. My car payment was $360.00. I fell behind. Wells Fargo is worse then Italian Loan Sharks. They would not help me out in any way. I explained the situation and sent them paperwork. THEY DID NOT CARE! I was going to make a settlement on the loan. They were asking $5900.00. I sold my car for $520.00 I was going to put the difference. The buyer was going to give me the check and then Wells Frgo called me to say they have lost my title to my car. Nothing can be done without a title. It was going to take 4-6 weeks to get another title. I told the buyer and she decided she did NOT want to buy my car. So, because of their error my car is going to be reposed. I was approved for disability. Just found out. I never wanted my car to be reposed. I wanted to make a settlement. Now I have no car and I live alone and cannot live without a car. No bank is going to give me a loan because of my credit report. I am disqusted. Don’t know what to do. The interest rate on the loan was 17.8. I should of known better.

    sue vella

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