- 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.
- 田文浩裝置藝術展9/22 敦煌藝術展 9/27
- 全美總會線上講座 - 如何申請進入理想的大學 10/8
- Boston Asian American Film Festival preview party 10/5, festival 10/19-22
- 紐英倫作協講座 10/19
- 招聘 - BCNC, 武漢大學10/14, 波士頓市府10/19
- 崇德佛院 普賢講堂 慈濟
- 紐英崙中華專業人員協會40週年 10/28
- 醫藥 - HMS deciphering the genome 10/12 首屆世界針灸康養大會12/2-7
- 留美華人企業家聯合會年會10/7 Under 30 Summit 10/1-4
- BCIC - Fintech Roundtable Brainstorming Session 10/9 醫療科技路演 10/13
- ILF 國際領袖基金會
- ILF 國際領袖基金會 - ACE Next generation conference 8/18-20
- MIT ENERGY CLUB Mass Innovation Nights
- MIPIM 2017 - Real Estate Tech Trends from MIPIM
- 麻州州長動態 - Nominates Paul G. Pino of North Falmouth as Associate Justice of the District Court and Colette M. Santa of Milford as a Member of the Parole Board
- 羅德島州克蘭斯頓市長馮偉傑 Car Tax Bill
- City of Boston, Quincy, Malden, Greenway 昆市市長亞裔顧問委員會
- 牛頓市議員馬惠美- council meeting notes 10/1
- 波士頓市議會議長吳弭 (Michelle Wu ) - fundraiser for Puerto Rico 10/14
- Ben Chin (陳樂) for Mayor in Maine - Signs were stolen
- BIOVision/ Boston MedTech / Mass Life Sciences
- 華人參政 - 牛頓市候選人論壇10/15
- Plays - Lost Tempo 10/5 OLEANNA 10/14-11/5 Elemeno Pea 11/2-19 無名劇社 11/26
- 博物館 - Guggenheim, Harvard Art, Forbes House, China Institute
- 劍橋市素描餐廳 10/6 試新菜
- 李保華忠告年輕人 做個遠大的夢
- 【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！
- 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
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.