By Carmen Balber
Senator Dodd is responding to the House offer now. The Senate is accepting 15 House changes, with modifications, and rejecting 8. Senator Dodd says that, under the Consumer Financial Protection Bureau, any company that provides a financial product or service will be subject to the same rules. He'll have to get rid of all the House carve-outs to...
By Carmen Balber
House conferees just voted to send their offer on the Consumer Financial Protection Bureau to the Senate without substantive changes. Its provisions would: - Enhance the FTC's ability to do consumer protection. The FTC's authority over false and misleading advertising should complement the CFPB's efforts to protect consumers of financial...
Liveblog by Carmen Balber
The House/Senate conference committee on financial reform is debating the structure and authority of a consumer financial protection bureau. The issue just decided: Should the new Bureau regulate lending arranged by auto dealers? The House offer would exempt auto dealers. The original Senate bill would not. The loophole would mean car...
Conference Committee Must Reject Treasury Rollback of State Insurance Laws In Wall Street Reform Bill
CONTACT CONTACT: Carmen Balber, (202) 629-3043
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...
Posted by Carmen Balber
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...
As Senate Moves to Final Financial Reform Vote, Consumer Watchdog Urges Fix to Provisions Allowing Foreign Insurance Companies to Evade State Insurance Oversight
CONTACT CONTACT: Carmen Balber (202) 629-3043; or cell (310) 403-0284
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...
Consumer Watchdog Urges SEC to Investigate Undisclosed Nepotism At Mercury Insurance - Chief Actuary Is CEO's Nephew
CONTACT CONTACT: Naomi Seligman, 310-526-0747; or Jamie Court, 310-392-0075
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...
Senate Fix Needed to Meet White House Promise That Financial Reform Won't Weaken State Insurance Regulation
CONTACT CONTACT: Carmen Balber, (202) 629-3043, or cell (310) 403-0284
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...
Consumer Watchdog Calls For Tough Questioning Of Former SEC Chair Christopher Cox On Conflicts As He Swings Back Through the Revolving Door for FCIC Hearing
CONTACT CONTACT: Naomi Seligman, 310-392-0522, ext. 318; or Carmen Balber, 202-629-3043
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...
UPDATE: The Wall Street filibuster of financial reform was broken Wednesday night. Now the Senate moves to a full and open floor debate - where the public will expect Senators to take a stand against bank lobbyists' efforts to weaken reform. Consumer Watchdog has called for a full and open debate on the Senate floor on financial reform. That means...