Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
Bailout
The President's comprehensive plan to fix the oversight of financial products and markets, and the recent financial reform bill passed by the House both are based on what we all know – financial oversight in the U.S. failed. We are all paying the price for the financial meltdown that started with bad mortgages and spread throughout our economy.
An essential piece of this plan is the Consumer Financial Protection Agency (CU summary here) which will have the “authority and accountability to make sure that consumer protection regulations are written fairly and enforced vigorously.” A goal will be to “promote transparency, simplicity, fairness, accountability, and access in the market for consumer financial products and services.” The Consumer Financial Protection Agency is similar to the idea known as the Financial Product Safety Commission (FSPC).
The bill that passed the House is HR 4173 and you can review it here. Title IV contains the provisions which would create the CFPA.
Policy and Legislation
- CU urges Congress to support CFPA (January 15, 2010)
- Consumer protection provisions in the House-approved bill (December 22, 2009)
- Consumers Union support letter to the House on CFPA (December 9, 2009)
- No Exemption for Auto Dealers Under the CFPA (November 19, 2009)
- Consumer Financial Protection Agency Mythbuster (July 20, 2009)
- Consumers Union letter in support of the CFPA (July 20, 2009)
- CU testimony about FTC’s relationship to the proposed CFPA (July 8, 2009)
- CU’s summary of the Consumer Financial Protection Agency (June 25, 2009)
- Financial Reform Coalition’s Consumer Protection Policy Outline (June 17, 2009)
- Financial Product Safety Commission Fact Sheet (April 6, 2009)
- Testimony on Modernizing Bank Supervision and Regulation (March 24, 2009)
- Consumers Union's agenda for the 111th Congress (February 13, 2009)
- CU offers regulatory reform principles to the Congressional Oversight Panel (January 16, 2009)
- CU's rescue plan for the rest of us - Seven steps toward reform (January 13, 2009)
- Groups urge co-sponsorship of credit cardholders bill of rights (January 12, 2009)
- Consumers Union's agenda for the 111th Congress (January 12, 2009)
- Groups call for a consumer agenda for Congress and the new Administration (December 18, 2008)
- Groups call for a consumer agenda for Congress and the new Administration (December 18, 2008)
- CU offers principles for restructuring financial regulation (December 16, 2008)
- CU offers principles for restructuring financial regulation (December 16, 2008)
- CU calls for new agency heads to protect consumers in credit and housing (December 2, 2008)
- CU: Include credit card reforms in bailout package (September 24, 2008)
- Wall Street rescue plan, worries for consumers (September 23, 2008)
- Protect all your money if your bank fails (September 15, 2008)
Research and Reports
- Milken Institute assesses the current bailout at $7.5 trillion and growing (February 13, 2009)
- Obama's bailout plan should help protect taxpayers (February 10, 2009)
- New credit card protections adopted by Feds (December 18, 2008)
- CRA is not the cause for the foreclosure crisis (October 21, 2008)
Consumers Union News Releases
- CU Applauds White House Proposal for New Limits on Big Banks (January 25, 2010)
- CU urges Congress to support CFPA (January 15, 2010)
- CU praises House vote on financial reforms (December 11, 2009)
- CU urges House to pass strong CFPA (December 10, 2009)
- Senator Dodd Unveils Discussion Draft for Financial Reform (November 13, 2009)
- Consumer Financial Protection Agency Gets OK (October 22, 2009)
- House committee holds hearing on CFPA (September 30, 2009)
- CU pushes Consumer Financial Protection Agency (September 14, 2009)
- New oversight proposed for financial system (July 23, 2009)
- Recession is prime time for scams, CU tells Senate Hearing (July 14, 2009)
- Senate panel to consider landmark credit card bill (March 30, 2009)
- CU testifies to Senate on modernizing bank supervision, regulation (March 23, 2009)
- Consumers need opt-in on overdraft programs (March 12, 2009)
- Foreclosure plan offers hope for homeowners (February 18, 2009)
- State oversight needed to fight bank abuses (February 5, 2009)
- CU: Obama cap on executive pay right thing to do (February 4, 2009)
- Bailout should include new credit card standards (November 26, 2008)
- Statement by CU on President-elect Obama’s economic team (November 24, 2008)
- CU calls for new reforms to address financial crisis (November 14, 2008)
- Senate approves Wall Street rescue package (October 1, 2008)
- House passes credit card reform bill (September 23, 2008)
- CU: Bailout should include consumer protections (September 23, 2008)
- House to vote on credit card reforms (September 22, 2008)
- OCC sides with banks on credit card reform (August 21, 2008)
- California Senate OKs mortgage foreclosure bill (April 28, 2008)
Blog Posts
- Dodd Moving Forward on Financial Reform (February 5, 2010)
- Liz Warren on the Daily Show (January 29, 2010)
- Senate Is Thinking About Bailing On Consumer Protection (January 15, 2010)
- Liz Warren To Speak At CU Summit! (January 13, 2010)
- Are You Mad Enough To Not Take It Anymore? (January 7, 2010)
- You're Alright Goolsbee- Austan Goolsbee To Attend CU Summit! (December 22, 2009)
- House Passes CFPA!!! (December 11, 2009)
- It's Not Such A Wonderful Life (December 8, 2009)
- Senate Bill To Protect Consumers, End Too Big To Fail and Create Fiancial Stability (November 11, 2009)
- CFPA Passes Out Of Committee (October 22, 2009)
- Preemption Pains (October 14, 2009)
- Austan Goolsbee explains the CFPA (October 9, 2009)
- Law Profs Call for the CFPA (September 29, 2009)
- Win Count: Consumers 1 Banks $700 Billion (September 25, 2009)
- CFPA Flow Chart Awesomeness (September 17, 2009)
- Calling all creative shutter bugs! (September 15, 2009)
- Happy Birthday Lehman Failure! (September 14, 2009)
- Fed Up (July 24, 2009)
- Goldman Sachs reports profits and huge bonuses (July 15, 2009)
- I want my CTV! Financial Reform to Protect Consumers- More Videos! (June 22, 2009)
- CU explains the CFPA.... ON VIDEO!!! (June 19, 2009)
- Obama Vs. The Federal Reserve (June 18, 2009)
- Consumer Financial Protection Agency - What it is and What it does (June 17, 2009)
- Financial Literacy or Die (May 22, 2009)
- A Bad Moon Rising for Credit Card Banks (April 20, 2009)
- Warren + Stewart = BFFs (April 17, 2009)
- New financial system plumbing, same old poisoned water in the pipes? (April 15, 2009)
- Your Tax Dollars Back Citi Credit Card Loans (April 3, 2009)
- BEWARE of Mortgage Bailout Scams! (April 1, 2009)
- FSPC: Slowing The Race To The Bottom (March 13, 2009)
- Wow! Decisions based on actual data! (March 4, 2009)
- Johnnie Lee Bussie: One of the Faces of Foreclosure (February 27, 2009)
- Will our tax dollars be used to finance credit card debt with unfair terms and practices? (February 25, 2009)
- Obama's Bailout: More Reforms Needed! (February 10, 2009)
- Don’t spend our tax money to support credit card debt with unfair terms! (January 29, 2009)
- Chairman Bernanke -- Enact credit card reforms now (December 1, 2008)
- Federal Government Should Set Standards for Taxpayer-backed Credit Card Debt (November 26, 2008)
- Best plan of action for your money- Stay Put (September 29, 2008)
- Bailout: Who gains, who pays? (September 23, 2008)
- Is my money safe? (September 16, 2008)
- Retirement savings - diversify! (April 7, 2008)
- No more dangerous financial products! (March 31, 2008)
It's time Washington looks out for us!
If you don’t think it matters having an aggressive watchdog in Washington looking out for consumers, just consider your credit card bill. The full House just approved a new financial sheriff – now we need the Senate to do the same so we don’t have to endure more abusive tactics. Tell your Senators you want a watchdog who looks out for us. Act Now!
Tell Us Your Story!
The economic downturn has everyone looking at their budgets and spending, trying to find places to cut. Are you wondering if you can afford to retire or how you're going to pay your credit card bills? We would like to know about your experience, so we can better work toward reforms that will help you.
We want to hear from you. Your willingness to share your stories helps us pass laws to protect you and your family.Read stories from individuals who have shared their stories, like:
Langdon McAlpin
This disabled police officer in Loganville, Georgia says he was sold a mortgage he couldn’t afford. He’s lived in his home for 19 years.
How to complain to the Government
Online, by mail, phone or fax... Agencies need to hear from you!
BAILOUT WATCH
ProPublica, an independent, non-profit newsroom has created this widget to keep an eye on the Bailout funds and where they're going. You can use it on your blog or website to see which companies are receiving TARP money and how much they are getting.
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Financial Services TeamConsumers Union
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money@consumersunion.org