WASHINGTON, D.C., Jul. 16 /CSRwire/ - Today, Congress completed its vote on final passage of the historic financial reform package that has been debated for more than a year. The Senate voted 60 – 39 to reign in a number of the abusive financial practices conducted by both small lenders in strip malls and mega-banks on Wall Street.
Green America, in partnership with the American Sustainable Business Council and Americans for Financial Reform, worked on a specific key component of the bill – the Consumer Financial Protection Agency (now renamed a "Bureau."). The Bureau will protect consumers and small businesses from predatory financial products and services, including mortgages, credit cards, debit cards, pay day loans, and more. The creation of the Bureau is the farthest reaching consumer financial protection enacted in decades.
Todd Larsen, Green America's Program Director stated: "We recognize that the overall package of reforms includes historic provisions, while falling short of the deeper Wall Street overhaul needed to truly safeguard our financial future. At the same, we have achieved key protections for consumers and small business on which to build."
Thanks in part to the voice of green business, the Consumer Financial Protection Bureau (CFPB) will become law. Green America called for:
To be effective, the new Consumer Financial Protection Bureau needs:
Aspects of the CFPB that fall short, include:
For the CFPB, and the entire financial bill, to really make a difference there will need to be rigorous oversight, enforcement, and co-operation among different regulators. Fran Teplitz, Green America’s Director of Social Investing stated: "Today's final passage of the financial reform bill, including strong protections for consumers and small business, demonstrates that the government is taking steps to prevent future financial abuses; the bill holds forth the promise of making financial security for our country a priority over Wall Street greed."
About Green America
Green America is a non-profit organization whose mission is to harness economic power—the strength of consumers, investors, businesses, and the marketplace—to create a socially just and environmentally sustainable society. www.GreenAmericaToday.org
For more information, please contact:
For more from this organization:Green America