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Financial Reform

News Story
6/16/2010
Posted by Consumer Watchdog
A little-noticed provision in the Wall Street reform bill illustrates one of the central questions of the effort:  Who should be in charge of regulating the industry?  A Senate provision that would create a national insurance office in the Treasury Department has sparked a debate over how much authority the federal government should have...
News Release
6/14/2010
Posted by Consumer Watchdog
Washington, D.C. --- The financial reform bill will deregulate state insurance oversight by allowing the Treasury Department to use a new national insurance office to overturn a broad range of state protections, including solvency rules, if the legislation is not amended, warned Consumer Watchdog today. The House-Senate Conference Committee meets...
Blog Post
5/25/2010
Posted by Consumer Watchdog
Two distinct narratives have emerged from last week’s approval by the U.S. Senate of financial reform legislation. One: Of an historic overhaul of the financial industry for reformers demanding accountability for Wall Street and new regulation to rein in the wild speculation and consumer abuses that led up to the 2008 economic meltdown. Two...
News Release
5/20/2010
Posted by Consumer Watchdog
Washington, D.C. --- In advance of an expected final vote on financial reform legislation, Consumer Watchdog urged the U.S. Senate to fix provisions that would deregulate insurance oversight by giving the Treasury Department the ability to override state protections on behalf of foreign insurance firms, including laws requiring insurers to hold...
News Release
5/11/2010
Posted by Consumer Watchdog
Santa Monica, CA – Mercury General Corp. has failed to fully disclose family ties within the company in possible violation of federal law and its own internal policies, Consumer Watchdog wrote to the Securities and Exchange Commission today. The company did not tell investors that the chief actuary --  responsible for financial...
News Story
5/5/2010
Posted by Consumer Watchdog
Unlimited contributions are still allowed, but gifts of more than $420 can't be earmarked for individuals. Gov. Arnold Schwarzenegger's longstanding practice of relying on large charitable contributions from special interests to fund private jet charters and luxury hotel suites around the globe is being banned by regulators. Unlimited donations...
News Release
5/5/2010
Posted by Consumer Watchdog
Current Senate Bill Allows Treasury to Preempt State Insurance Laws, Including Capital and Solvency Protections   Washington, D.C. -- Financial reform legislation must be amended to preserve states’ ability to protect insurance consumers and bring the bill in line with White House comments yesterday targeting potential industry...
News Release
5/5/2010
Posted by Consumer Watchdog
Washington, D.C. -- Consumer Watchdog today called upon the Financial Crisis Inquiry Commission to question former Securities and Exchanges Commission (SEC) Chairman Christopher Cox about his revolving door conflicts as he testifies today. The nonpartisan consumer group opposed US Senate confirmation of Cox as SEC Chairman based on his...
News Story
5/4/2010
Posted by Consumer Watchdog
Consumer and privacy groups call the draft bill weak on privacy Two U.S. lawmakers have released a draft bill that would require companies that collect personal information from customers to disclose how they collect and share that information, but several privacy and consumer groups said the proposal would legalize current privacy violations...
News Story
5/4/2010
Posted by Consumer Watchdog
As concern over Internet advertising and data collection grows, privacy advocates and the Internet advertising industry have been sharpening their legal knives for more than a year. Now two Congressmen have finally given them a piece of legislation they're all too happy to slice apart.  Rick Boucher, D-Va., and Cliff Stearns, R-Fla., released...