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Alaska covers fewer kids with public insurance vs. 2019; Judge Cannon indefinitely postpones Trump's classified docs trial; Federal initiative empowers communities with career creation; Ohio teacher salaries haven't kept pace with inflation.

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Former Speaker Paul Ryan weighs in on the 2024 Presidential election. President Biden condemns anti-semitism. And the House calls more college and university presidents to testify on handling pro-Palestine protests.

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Bidding begins soon for Wyoming's elk antlers, Southeastern states gained population in the past year, small rural energy projects are losing out to bigger proposals, and a rural arts cooperative is filling the gap for schools in Pennsylvania and West Virginia.

A New Advocate for Pennsylvania Consumers

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Friday, July 22, 2011   

HARRISBURG, Penn. - The Consumer Financial Protection Bureau (CFPB) has just opened for business with the goal of protecting consumers, not only in Pennsylvania, but around the nation. The new federal agency will address deceptive practices in financial dealings such as mortgages, pay day loans, and credit card lending. Its goals include educating consumers, enforcing laws to protect them, and studying trends in the consumer financial industry.

Mary Moore, a communications manager at the Center for Responsible Lending, explains why the bureau is needed.

"Now, consumers will have one place that is focused on their best interest, and that is a dramatic difference that we haven't had before."

Some Republicans in Congress want the bureau's funding to go through the congressional budget process. Moore says that change could allow the banking industry to pressure Congress to cut the new agency's funding and therefore, its clout.

"They're trying to cut its funding or to change the funding mechanism so that it will be possible to cut it in the future, and against consumers' best interest."

As it stands, the CFPB was set up as an independent agency with a single leader, as well as the ability to make fast, efficient decisions on behalf of consumers.

One area it will monitor is predatory lending. That should bolster the statutes already on the books in Pennsylvania, one of more than two dozen states to pass anti-predatory lending laws.

The new agency was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which overhauled several aspects of the financial sector. President Obama signed it into law last July.





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