Mark-up Set for Bills to Weaken CFPB Authority The Financial Institutions and Consumer Credit Subcommittee is scheduled to mark up two bills this week that would dramatically undermine the new Consumer Financial Protection Bureau before it even opens its doors. A broad coalition of groups, including CFA, wrote to members of the subcommittee this week … Continued

Most Consumer Protections Avoid 2011 Budget Cuts After weeks of sometimes testy negotiations, Congress approved a budget (H.R. 1473) for the remainder of 2011 last week that imposes painful cuts on many vital government programs but from which the most harmful measures related to consumer issues had been removed. The bill passed both the House … Continued

Senate Urged To Pass Appliance Energy Standards Bill In testimony before the Senate Energy and Natural Resources Committee earlier this month, CFA Research Director Mark Cooper called on the Senate to adopt legislation (S. 398) promoting appliance energy efficiency and to oppose legislation (S. 395) repealing lighting standards that were adopted by the Congress and … Continued

Increased Fuel Economy Urged as Part of Energy Initiative With gasoline prices spiking, House Republicans rolled out their “American Energy Initiative” last month, reviving proposals to expand domestic oil and gas production, promote nuclear energy, and encourage development of natural gas powered vehicles. At a hearing on the package of proposals in the Energy and … Continued

Adjustments Urged in Debit Interchange Rules One of the more contentious issues to emerge during implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act is a requirement that the Federal Reserve issue rules regarding debit card interchange fees, debit card payment network exclusivity requirements and the routing of debit transactions. Among other things, … Continued

Congress Returns to Stepped Up Budget Negotiations With time set to run out at the end of this week on the Continuing Resolution that is currently funding the federal government, negotiations over the 2011 spending bill are expected to dominate the congressional agenda this week. On the positive side, the threat of an immediate government … Continued

Administration Housing Plan Threatens Access to Affordable Housing The Administration recently released plans for mortgage finance reform that housing advocates argue could threaten consumers’ access to affordable mortgage credit. Promised in the wake of the real estate bust and failure of mortgage giants Fannie Mae and Freddie Mac, the plan contains three options for future … Continued

FCC Urged To Proceed with Bill Shock Rules Consumer groups reiterated their support for strong rules to prevent wireless “bill shock” in reply comments submitted earlier this week to the Federal Communications Commission. The comments refute arguments put forward by industry members in opposition to the proposed rule. Contrary to industry claims, the rules are … Continued

SEC Advocates Fiduciary Duty for Advice by Brokers In a major reversal of decades-old agency policy, the Securities and Exchange Commission issued a report Saturday calling for brokers to be held to the same high standard to act in the best interests of their customers that all other advisers face when they give investment advice … Continued

Food Safety Bill Becomes Law Last week, President Obama signed into law legislation that Chris Waldrop, Director of CFA’s Food Policy Institute, called “the most comprehensive reform of the Food and Drug Administration’s microbiological food safety program in 70 years.” In a press statement praising the President for signing the bill into law, Waldrop said … Continued

Congress Passes Food Safety Bill With the clock ticking down on the end of the legislative session, Congress passed the FDA Food Safety Modernization Act (S. 510) this week. The Senate passed the bill late Sunday, followed by House passage on Tuesday. Despite its broad bipartisan support, the bill ran into trouble when a technical … Continued

CPSC Adopts Strong New Crib Safety Standards The Consumer Product Safety Commission (CPSC) adopted a new mandatory safety standard for cribs last week that consumer advocates called the strongest in the world. The action follows recalls of millions of cribs in recent years due to entrapment deaths and injuries. The new standards, which become mandatory … Continued

CPSC Approves Product Safety Database The Consumer Product Safety Commission (CPSC) has voted 3-2 to implement a Consumer Product Safety Information Database that will allow people to share and access safety information about the products they own and consider buying. The database, which is required under the Consumer Product Safety Improvement Act (CPSIA), is now … Continued

Senate Votes to Take up Food Safety Bill In an important step forward on a top consumer priority, the Senate agreed to take up the FDA Food Safety Modernization Act (S. 510) when Congress returns from Thanksgiving Recess. The bill, which has already passed the House in similar form, has been pending in the Senate … Continued

Industry Study on Fiduciary Duty Standards Faulted Earlier this month, CFA filed comments with the Securities and Exchange Commission (SEC) warning the agency against relying on a misleading Securities Industry and Financial Markets Association (SIFMA) study as it prepares its own study of the standard of conduct that should apply to brokers when they give … Continued

Congress Clears Temporary Extension of Flood Insurance Program On September 30, President Obama signed into law a one-year extension of the federal flood insurance program. CFA supported the decision to provide a temporary extension of the program in order to “provide stability to a program that has been allowed to lapse several times recently.” In … Continued

Administration Proposes Increase in Fuel Economy Standards The Obama Administration proposed new fuel economy standards last week that could boost fuel economy to as high as 62 mpg for cars and light trucks by 2025. Last April, the Administration issued new standards for passenger car model years 2012 through 2016. The new proposal, which is … Continued

Warren to Play Key Role in Start-up of New Consumer Protection Bureau Ending months of speculation, President Obama announced last week that Harvard Professor Elizabeth Warren will play a key role in the start-up process for the new consumer protection bureau created by the Dodd-Frank regulatory reform bill. CFA Legislative Director Travis Plunkett commended the … Continued

Advocates Push for Action on Food Safety Bill With Congress returning from its August recess last week, food safety advocates and foodborne illness survivors renewed their efforts to win an immediate vote on food safety legislation (S. 510) that has been languishing in the Senate for more than a year.  CFA, Center for Science in … Continued

2015 Issues June 30, 2015 June 15, 2015 May 28, 2015 May 6, 2015 April 23, 2015 March 30, 2015 March 12, 2015 February 27, 2015 February 5, 2015 January 28, 2015 2014 Issues December 18, 2014 December 4, 2014 October 29, 2014 October 8, 2014 September 15, 2014 August 21, 2014 August 4, 2014 … Continued

Historic Financial Regulatory Reform Bill Signed Into Law President Obama signed the sweeping financial regulatory reform legislation into law Wednesday, marking the close of a nearly two-year legislative effort to bring safety, stability, and a new focus on consumer protection to our financial system. “We commend Congress for passing and President Obama for signing meaningful … Continued

Financial Reform Bill Clears House, But Hurdles Remain Confounding the skeptics, the Conference Committee on financial regulatory reform kept to its schedule and wrapped up consideration of landmark financial regulatory reform legislation in the early hours of the morning Friday, June 25, appearing to set the stage for final passage before the July 4 recess. … Continued

Advocates Push for Senate Vote on Food Safety Bill With only a week remaining before Congress adjourns for its August recess, advocates continue to push for a Senate vote on S. 510, the FDA Modernization Act. The bipartisan bill has been stalled in the Senate for months. In July, President Obama joined those calling on … Continued

SEC Urged to Adopt Pro-Investor Approach to Regulation of Investment Professionals In a comment letter filed with the SEC this week, CFA urged the agency to use its latest study of the obligations of broker-dealers and investment advisers to lay the groundwork for a rational, pro-investor approach to the regulation of these investment professionals. The … Continued