Who stirred this up?
September 29, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (1)From Bloomberg:
Elizabeth Warren, named by President Barack Obama to set up the new consumer finance agency, was paid $90,000 this year to be an expert witness in a class-action lawsuit against some of the biggest U.S. banks.
Warren, who at the time she did the work was head of the Congressional Oversight Panel monitoring the $700 billion bank bailout, was retained by a law firm that represents retailers suing credit-card networks Visa Inc. and MasterCard Inc., and banks including Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. for alleged antitrust violations in setting card processing rates, her financial disclosure forms show.
Gregg slams Warren
September 29, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (0)Sen. Gregg used a budget committee hearing to slam Warren’s appointment, according to the WSJ.
Does a river run through it?
September 28, 2010 | Elizabeth Warren, Montana | Comments (0)Forum tonight in Missoula. From the story:
The League of Women Voters is sponsoring a forum tonight (Tuesday) on Initiative 164, which would cap the payday loan rate at 36 percent.
Panelists will be Bernie Harrington of the Coalition for Consumer Choice, Matt Leow of the “Cap the Rate” Campaign, Claudia Clifford of AARP, Bill St. John of the Missoula Federal Credit Union, Greg Harper of the Consumer Credit Council, and Jane Guest, a case manager for WORD. Nancy Maxson will moderate.
Questions to be discussed include: Who uses payday loans? Why? Is the existing 300 percent to 650 percent loan interest rate an excessive burden on folks? Does an interest cap unfairly restrict free enterprise in Montana? Can Montana afford to lose license revenue if payday loan businesses leave Montana? Where can financially stressed folks get help if they leave? Do other states restrict payday loans?
The forum starts at 7 p.m. in the Missoula Public Library.
It’ll be warm
September 28, 2010 | Uncategorized | Comments (0)We’re talking about Florida in March. For CFSA annual meeting information, click here.
Not a fan
September 28, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (1)Armstrong Williams has an op-ed in The Hill today highly critical of Elizabeth Warren and the Obama Administration:
In the wake of the financial crisis, politicians cast financial-industry giants as scapegoats, while their misguided cohorts who tanked our financial markets continued to promote reckless fiscal policy. One of the outcomes of the crisis was the creation of the Consumer Financial Protection Bureau (CFPB).
Elizabeth Warren, another lawyer and Harvard Law professor, sidestepped the confirmation process by being appointed “Assistant to the President and Special Adviser to the Secretary of the Treasury on the CFPB,” a title only a politician could love. Warren is another case of Obama using academia to teach the real word a lesson. She is an aggressive anti-business proponent of the CFPB, and has already met with influential industry leaders on the direction of financial reform. She wants to “level the playing field.” Considering that the MoveOn.org crowd loves her, we can all guess what that means — punish achievement and reward those who can’t make anything for themselves.
Where’s the outrage?
September 28, 2010 | alternatives, personal finance | Comments (0)According to Walletpop, bottled water is marked up 4000%. Brand-named drugs are marked up 200-3000%.
Comment of the Day
September 28, 2010 | Uncategorized | Comments (0)I agree with the fact that these organizations fill a need that the mainstream financial institutions can’t fill. Who else would loan money on demand to someone with bad credit and no collateral other than their job? In addition this business makes sense from a global perpective as a stepping stone to the financial system in paces where the financial services industry is not as well developed — to wit South Asia and Africa.
To put it simply, expanding the financial services industry to those who can’t participate currently makes cents. {sic}
Trial in Montana
September 28, 2010 | Montana | Comments (0)From the story:
I-164 opponents sued the state in August, claiming that signature-gatherers made false statements about the measure’s content, in order to persuade people to sign petitions that qualified I-164 for the ballot.
A trial will begin Thursday in Polson on the “payday” lending industry’s attempt to remove from the Nov. 2 ballot a measure imposing new limits on the industry, claiming Initiative 164 supporters used deceptive and illegal practices to get I-164 on the ballot.
Continued controversy over Warren pick
September 28, 2010 | Elizabeth Warren, Wisconsin | Comments (0)Milwaukee Journal-Sentinal likes the pick, not the way it was done.
Comment of the Day II
September 27, 2010 | Uncategorized | Comments (0)This really makes me want to vommit!! {sic} Especially the comment left by the gentleman who claims to be running for office. Ohio has lost 400,000 jobs in the last couple of years, and there are candidates who are more concerned with getting rid of more jobs. As opposed to creating jobs and keeping the ones we have here! I am truly surprised that any entrepenour {sic} or industry would want to set up shop in this state!
