This month, two different but powerful Wall Street bank lobbies launched self-serving attacks on the Consumer Financial Protections Bureau's most recent efforts to make banking markets more transparent. What do the banks have to hide?
The sharks we have in mind, meaning no disrespect to the cartaliginous fish of the same name, are people like W. Allen Jones, CEO of Check Into Cash, a Tennessee-based company that operates an estimated 1,100 payday loan and check cashing shops in 29 states.
First, let's start with the good (if you can really call it that) news: A trail of money that began with triple-digit loans to troubled New Yo...
Although the market for prepaid debit cards has been steadily expanding and attracting big name financial players like American Express, consumer advocates have expressed concern about a lack of regulatory oversight.
Elizabeth Warren's brainchild has become people-powered, just like the campaign that propelled her into the U.S. Senate. It is a fitting milestone for an organization that has accomplished a great deal over the past three years, but whose biggest achievements are yet to come.
Millions of Americans may soon become part of an expanded government database that would give two federal regulatory agencies an up-close and personal view of their private financial lives that, if breached, could make for a really bad day for a whole lot of people.
Having spent a lot of time thinking about this problem, I want to offer to you five simple ideas that will suppress the "criminal enterprise", uplift families, protect the safety and soundness of the banking system and ensure a functional credit and debt collection process.
The federal watchdog agency protects consumers by enforcing fairness and transparency around financial products and services, providing information around numerous topics such as financial scams, predatory lending, mortgages and college loans.
If Senate Republicans follow through on threats to prevent confirmation of any of Obama's nominees to the U.S. Court of Appeals for the D.C. Circuit under the fig leaf of an argument about whether this court needs more judges, we could quickly be back to the nuclear brink.
We should applaud the new resolve of the CFPB, other federal agencies and state legislatures to thwart these abusive practices. But we cannot become complacent.
As America's children grow up and enter into the health insurance marketplace on their own, they will be the first generation who simply will not understand what the terms 'pre-existing condition' and 'lifetime cap' mean.
Elizabeth Warren -- the mother of the Consumer Financial Protection Bureau -- deserves a big round of applause from the American people.
Mind you, this is only one small action, and I don't expect it to manifest itself in Republicans in the Senate starting to act for the good of the nation and not just blocking everything unanimously that the president proposes, just because the president proposed it.
An extraordinary meeting is taking place today, which all 100 senators have been invited to attend. This should really not be an extraordinary thing -- you'd think that all senators meeting together would just be an actual floor session in the Senate -- but it is because it's actually a political meeting, with the doors closed.
Senator Kirk voted against allowing a floor vote on Cordray and signed a letter with 42 Republicans vowing to block any nominee, no matter how qualified, unless the CFPB is substantially weakened. That isn't right.
For over a year now, I have been saying in this space that the CFPB and its director, Richard Cordray, were going to grab the consumer collection industry by the seat of their pants, turn it upside down, and give it a good shaking. No one believed me.