Wednesday, July 1, 2009 4:43 PM
Opposition Builds to Consumer Finance Agency
A few dozen banks, consumer finance companies, mortgage companies and other large lenders have been meeting under the auspices of the American Financial Services Association to discuss forming a coalition to fight an Obama administration proposal for creating a new consumer financial protection agency with a large regulatory mandate.
"I think everybody around the table understands the urgency of the challenge we face," said Bill Himpler, the top lobbyist for the AFSA which has about 350 members including a number of consumer finance companies that provide 50 percent of the nation's non-mortgage loans.
Himpler added that the groups stand "shoulder to shoulder in terms of wanting consumer protections, but this is not it." Some of the groups fear that the new agency's purview would be too sweeping and would also take away some regulatory powers that now reside with the Federal Reserve, the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
The groups met again today at the offices of Toyota, which has a large finance arm, to try to develop a strategy that's likely going to include hiring outside consultants to craft their message and possibly run some advertising. Yesterday, the White House unveiled a 150- page proposal to create a new regulatory agency whose powers could include limiting or barring risky loans, enforcing new laws to protect credit card consumers and setting standards for mortgage lending. The new proposal has drawn considerable support from consumer organizations and liberal groups.
The proposal has ignited a firestorm of opposition from such big players as the American Bankers Association and it is already generating sizable lobbying activity. The House Financial Services Committee, whose chairman Rep. Barney Frank, D-Mass., backs creating a new consumer protection agency, is preparing to hold hearings on the idea this month.
green mind
Monday, January 16, 2012
I have heard something about this, but I guess I am going to have to inquire it more with the tax resolution specialists these days. As an entrepreneur that runs his own business, you get disengaged from paying some particular public tax if you choose to deliver a certain part of your profit as a donation to humanitarian organization. Is it true, I wonder?
abnerrichards
Friday, November 25, 2011
The new proposal has drawn considerable support from consumer organizations and liberal groups.
12 month loanJLoftcraft
Friday, September 16, 2011
This is a good idea, but it can be even better. Let's make an agency based on an affiliate network system. That way, nobody will have too much power and at the same time, there will be enough man power to analyze how business is conducted and if the regulations are enforced correctly by everyone.
insignia
Monday, September 5, 2011
You all see which is the overall situation we are facing at this given moment. It could be this coalition or dozens of similar alliances between groups, influential powers, institutions. The point is, are we, the citizens, the ultimate purpose of these initiatives? If it proves to have positive effects on our present situations, I pay all my respects to this political movement. If not, the burden is still ours. The people are still struggling out there to stop foreclosure maryland and many situations alike across the United States. And the urging issue is that we need some measures taken in our favor before it`s too late for rehabilitating things.
Benjamin Cole
Sunday, March 6, 2011
Some of the groups fear that the new agency's purview would be too sweeping and would also take away some regulatory powers that now reside with the Federal Reserve, the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Redirect Virus
Mike Jones
Saturday, January 22, 2011
A few dozen banks, consumer finance companies, mortgage companies and other large lenders have been meeting under the auspices of the American Financial Services Association to discuss forming a coalition to fight an Obama administration proposal for creating a new consumer financial protection agency with a large regulatory mandate. Mike @ sweating and how to stop sweating
garyhart
Friday, November 19, 2010
"I think everybody around the table understands the urgency of the challenge we face," said Bill Himpler, the top lobbyist for the AFSA which has about 350 members including a number of consumer finance companies that provide 50 percent of the nation's non-mortgage loans.Google Redirect - Google Virus
Anthony Dioxn
Friday, July 17, 2009
These bitches always complaining about finding way to protect the consumers, well you know what we wouldn't be needing an oversear if you as in the financial companies didn't take advantage of us. If this union secretly prevail, i promise I will quit my job and lobby throughout the united states and explain to the people why we need not trust our own banks but invest in offshore accounts.