- Unfair and deceptive practices: The Act would eliminate the CFPB’s authority to prohibit unfair, deceptive, and abusive acts and practices (UDAAP), which gives the CFPB the flexibility to respond swiftly to new technologies and practices that harm consumers without the need to wait for legislation.
- Supervision of large banks: The Act would eliminate the CFPB’s supervision and enforcement authority over large banks and permit financial institutions that meet certain criteria to elect to be exempted from the CFPB’s supervisory authority.
- Payday loans: The Act prohibits the CFPB from engaging in any rulemaking or enforcement with respect to payday and vehicle title loans. Payday lending has adversely affected the lives of financially vulnerable consumers across the country.
- Usurious interest rates: The Act would restrict states’ abilities to enforce interest rate caps. Currently, there are no federal interest rate caps that cover financial products and services offered by national banks. Rather, national banks are permitted to export the interest rate of their home state and disregard the more stringent interest rates.
- Mandatory arbitration: The Act would repeal the provision of Dodd-Frank that granted the CFPB authority to study and issue rules regarding arbitration in financial services contracts that prohibit proceeding on a class basis and prevent consumers from seeking redress, particularly for small dollar claims.
- Transparency: The Act would end the CFPB’s current practice of publicly posting information concerning individual consumer complaints in a searchable database, helping them make informed decisions about the companies with which they choose to do business, and increases transparency in the marketplace.
- 創業 - MIT-CHIEF 8/17 泰州9/14
- BTBA 8/5, 6 玉山科協 8/12
- 波士頓哲五 - 國家正常化與青年組織
- 波士頓同源會 8/19 昆士市中秋節 8/20
- 崇德佛院 普賢講堂 慈濟
- 招聘 - 波士頓僑教中心，中山醫學院，孫逸仙紀念醫院 Chicken & Rice Guy
- 波士頓同源會頒獎宴8/19 夏星朗讀會誌記梭羅200週年8/26
- ILF 國際領袖基金會
- ILF 國際領袖基金會 - ACE Next generation conference 8/18-20
- 麻州州長動態 - Awards $72 Million to Create, Rehabilitate and Preserve Nearly 2,000 Housing Units
- 羅德島州克蘭斯頓市長馮偉傑 Car Tax Bill
- 劍橋市議員張禮能 - Say thanks and farewell
- City of Boston, Quincy, Malden, Greenway 昆市市長亞裔顧問委員會
- MIT ENERGY CLUB Mass Innovation Nights
- 博物館 - Guggenheim, Harvard Art, Forbes House, China Institute
- Plays - Where Am I 8/23 爬藤9/16 Ideation 9/2-24
- MIPIM 2017 - Real Estate Tech Trends from MIPIM
- 李保華忠告年輕人 做個遠大的夢
- 朱学渊 - 陈建奇、郭晓敏：特朗普重塑全球的三大战略
- 作者專欄： 王世輝 - 看見台灣：向齊柏林致敬
- 台灣工程師的矽谷故事- 兩份文件，與嫁衣台灣
- HCSSA - 幹部改選結果公佈
- 【你的學歷，能幫助公司什麼…？】如果沒有這 7 個特質，你讀到台大也沒用！
- 校友、同學會 、北一女、建中 8/19 北美洲成大校友10/13-15 北大，清華，中科大， CYPN
- 牛頓市議員馬惠美- 和選民見面會8/5, 8/16
- 劍橋市素描餐廳 8/9 慶祝世界白酒日
- 波士頓市議會議長吳弭 (Michelle Wu ) - 8/6 啟動連任競選
- BIOVision/ Boston MedTech / Mass Life Sciences
- Ben Chin for Mayor in Maine
- BCIC - BCIC 量化投资路演 8/24
星期三, 6月 07, 2017
AG HEALEY, 19 ATTORNEYS GENERAL REJECT FINANCIAL CHOICE ACT’S DISMANTLING OF CRITICAL CONSUMER PROTECTIONS
AG HEALEY, 19 ATTORNEYS GENERAL REJECT FINANCIAL CHOICE ACT’S DISMANTLING OF CRITICAL CONSUMER PROTECTIONSLetter to Congressional Leadership Supports the Work of the CFPB; Opposes Efforts of Anti-Consumer Legislation to Curtail Authority
BOSTON – Attorney General Maura Healey today joined a coalition of 20 state attorneys general in strongly opposing the Financial CHOICE Act of 2017 (H.R. 10), which would eviscerate the role of the Consumer Financial Protection Bureau (CFPB) and eliminate other critical protections for consumers across the country.
In a letter to Speaker Paul Ryan, Majority Leader Kevin McCarthy, Minority Leader Nancy Pelosi, and Minority Whip Steny Hoyer, the attorneys general objected to the proposed law and called attention, in particular, to portions of the Act that would undermine and dismantle the work of the CFPB – the only independent federal agency exclusively focused on consumer financial protection. The Act would eliminate consumer protections implemented as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the financial crisis. The U.S. House of Representatives intends to vote on the Act this week.
“Created in the aftermath of the worst financial crisis in 80 years, the CFPB has been a vital partner for states in our ongoing efforts to protect students, homeowners, the elderly, veterans, and all consumers from unfair and deceptive practices,” AG Healey said. “Strong consumer protections help create economic opportunity for everyone. I strongly oppose efforts by the Trump Administration and House leadership to dismantle this agency.”
“The Consumer Agency is good at its job. It’s the watchdog that has returned more than $12 billion directly to people who were cheated and run a hotline that’s handled over a million complaints, so it’s no surprise Wall Street wants to chain it up so it can’t do its work,” U.S. Senator Elizabeth Warren said. “State Attorneys General understand the importance of having a strong federal partner in standing up for consumers in their states. That’s why they’re fighting back against the reckless Financial CHOICE Act, which would tie up the CFPB and turn loose predatory financial institutions that want to scam working families.”
As of Jan. 1, 2017, the CFPB has handled over one million consumer complaints, and obtained $11.8 billion in relief for 29 million consumers. The CFPB has taken enforcement actions to stem abuses by student loan originators and servicers, for-profit schools, debt collectors, credit reporting agencies, payday lenders, and foreclosure rescue companies.
The attorneys general say the Act would have significant impacts on consumer protection:
Joining AG Healey in today’s letter, led by New York Attorney General Eric Schneiderman, are the attorneys general from California, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Iowa, Maine, Maryland, Minnesota, Mississippi, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, along with the Executive Director of Hawaii’s Office of Consumer Protection.