Senate Banking Committee Moves Financial Reform Another Step Forward

by News Guy on March 24, 2010

Statement From Michael Calhoun, President, CRL

March 23, 2010

“Yesterday’s vote by the Senate Banking Committee to move forward with financial reform sends an important message that Congress must change the rules so that consumers are protected from unfair practices, our economy is protected from the damage of bad lending, and taxpayers won’t have to pay for another Wall Street bailout.

We are encouraged by the bipartisan collaboration between Chairman Dodd and Ranking member Shelby, and the Committee’s efforts to hold Wall Street accountable in spite of an all-out assault by industry lobbyists to block needed financial reforms. We support the Senators’ continued commitment to work together on a financial reform bill that does the following:

— Includes a strong consumer financial protection agency (CFPA) that is independent from banks’ veto power over consumer protections;

— Ensures that the CFPA can write and enforce rules that address all abusive lending practices and cover all providers, including payday and auto lenders; and

— Restores states’ abilities to write and enforce rules governing predatory financial practices.”

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About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation’s largest community development financial institutions.

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