Consumers won. Banks lost. That summarizes the consumer piece of the financial reform bill.
On the other part of the bill that affects individuals, my verdict flips. Investors lost, Wall Street won.
Taking the consumer side first, color me thrilled that Congress created a potentially strong Bureau of Consumer Financial Protection. When President Obama proposed it last [...]
What Jane Says: Consumer Rights
- Why consumers need financial reform
- POSTED 05.19.10
What angers me most about Wall Street’s shady dealing and greed is that that they like to blame the national meltdown on their customers. You’ve heard their sniffy defense: People took mortgages they couldn’t afford, lied to lenders about their incomes and deserve whatever they got. The poor li’l ole mortgage [...]
- Buyer beware, if the Senate exempts auto dealers from any new consumer protection rules
- POSTED 05.17.10
Auto dealers are swarming Capitol Hill, asking their Senators to exempt them from scrutiny by the proposed Consumer Financial Protection Agency. They’ve already won an exemption from the House of Representatives. If the Senate gives them a free pass, too, it will hurt consumers, turn a blind eye to predatory practices, and violate the principle [...]
Now we know exactly what Republicans have in mind for consumer protection: No new protection, period. The proposal they introduced in the Senate yesterday amounts to a wipeout. Nothing would happen at all to stop future predatory loans.
The Administration want an independent Consumer Financial Protection Agency with its own budget and authority to act. The [...]
- Will brokers have to put your interests first?
- POSTED 05.6.10
Goldman Sachs is the gift that keeps on giving. Financial reform was getting as watered down as a carafe of cheap wine until the SEC charged Goldman with fraud. That put Wall Street’s owned-and-operated Senators on the defensive. Maybe—just maybe—Jill and Joe Investor will catch a break. Brokers might have to be more careful about [...]
