A majority of Democratic senators are formally urging the nation’s consumer watchdog to issue “the strongest possible rules” reining in payday and other short-term lenders. Thirty-two of 46 members of the Senate Democratic caucus signed a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, pressing him and
WASHINGTON, D.C. – As the Consumer Financial Protection Bureau (CFPB) considers new rules to rein in predatory practices in payday and similar types of lending, Senator Merkley and 31 of his Senate colleagues expressed their support today for the initial steps the agency has taken and urged the agency to
WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the U.S. Senate Banking Committee passed on a party-line vote a sprawling bill that would deregulate many key aspects of the financial industry: “Seven years ago, following a decade of predatory home-lending and risky derivative-trading practices by big
WASHINGTON, D.C. —Today, U.S. Sen. Al Franken (D-Minn.), along with Rep. Hank Johnson (D-Ga.), led a broad coalition of more than 50 members of Congress in the fight to protect the rights of consumers in Minnesota and across the country who are being hurt by forced arbitration contracts in the
WASHINGTON, DC – United States Senators Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Richard Blumenthal (D-Conn.), and Tammy Baldwin (D-Wis.) have introduced an amendment that would prevent the use of Fast Track authority to pass a trade deal that weakens financial regulations. “This President supports financial reform – but he cannot
WASHINGTON — Today, Democratic U.S. Sens. Tom Udall (N.M.), Sheldon Whitehouse (R.I.), Jeff Merkley (Ore.) and Cory Booker (N.J.) announced a major breakthrough agreement in historic legislation to reform the nation’s broken chemical safety law, a day before a “markup” hearing to finalize the legislation in the Senate Environment and
The Consumer Financial Protection Bureau, the fledgling agency created in the aftermath of the financial crisis, outlined on Thursday the first draft of regulations to rein in payday loans, the short-term form of credit that can come with interest rates soaring beyond 400 percent. The proposed rules could sharply reduce the
WASHINGTON — Oregon’s Senator Jeff Merkley, the top Democrat on the Senate Consumer Protection and Financial Institutions Subcommittee, issued the following statement after the Consumer Financial Protection Bureau released new details about planned payday lending rules: “Payday lending is an abusive industry that traps working families in an endless cycle
WASHINGTON – Oregon’s Senator Jeff Merkley, along with Senators Elizabeth Warren (D-MA) and Al Franken (D-MN), slammed Senate Republicans’ budget push to roll back consumer protections and Wall Street reform at a press conference held in the Capitol today. The Senate Budget that is being debated on the floor this
WASHINGTON, D.C. — In Case You Missed It: This month brought big news for consumers, with credit-reporting agencies agreeing to major changes in how they treat medical debt. The three big credit-reporting agencies, Equifax, Experian, and TransUnion, will now have to wait 180 days before adding medical debt to a
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