More Reforms in Wall Street

Posted On: July 18, 2010 at 1:18 p.m.

Filed Under: CFPB payday loan wall street reform

It will be interesting to see where Wall Street ends up after all of the reforms from Washington take place. In the end, though, we will be fighting for the consumer. Several changes made by the Consumer Financial Protection Bureau (CFPB) will affect financial products from mortgages to payday loans . Here is some of what is happening: “The fate of the Wall Street reform bill is up in the air after the death of Senator Robert Byrd of West Virginia. The bill is a single confirmed vote short of the 60 votes needed to get past a threatened filibuster by Senate Republicans. From day one, the Bankster team has supported the Consumer Financial Protection Bureau and that is still one of the strongest pieces of the bill. It is a great time to send off the last emails to Senators telling them to put a new cop on the block in the form of a CFPB. We want to hear from you about what you think of the bill and what grade you would give it if you were a kindergarten teacher grading Congress on its performance. Conceptually, the bill breaks down into three main parts. [[ads]] CONSUMER PROTECTION The section dealing with the Consumer Financial Protection Bureau is very strong. The Bureau has independent regulatory and enforcement authority over a wide array of consumer financial products such as credit cards, mortgages, and even payday loans. Unfortunately, auto dealers escaped its jurisdiction, but there is no doubt the CFPB will be a new cop on the block policing the safety and soundness of common consumer products. Consumer advocate Elizabeth Warren, who first floated the idea of a CFPB two years ago, is happy with the final result. What grade would you give this section of the bill?” (http://www.prwatch.org/node/9240). To read the other two parts, go the website above. In the meantime, I would like to ask: what do you think about all of these reforms?