skip to main content
skip to newscasts

Sunday, May 5, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Alabama faces battle at the ballot box; groups look to federal laws for protection; Israeli Cabinet votes to shut down Al Jazeera in the country; Florida among top states for children losing health coverage post-COVID; despite the increase, SD teacher salary one of the lowest in the country.

view newscast page
play newscast audioPlay

Civil rights groups criticize police actions against student protesters, Republicans accuse Democrats of "buying votes" through student debt relief, and anti-abortion groups plan legal challenges to a Florida ballot referendum.

view newscast page
play newscast audioPlay

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.

Citizen Groups: WV Needs to Speak Up for Consumer Financial Protection

play audio
Play

Monday, November 28, 2016   

CHARLESTON, W. Va. – Citizen and consumer groups are warning of Wall Street-backed efforts in Congress to hobble a financial regulator that protects ordinary people.

Congress created the Consumer Financial Protection Bureau (CFPB) in response to public outrage after the last financial meltdown. But according to Woody Little, campaign organizer with the U.S. Public Interest Research Group, lenders are now spending huge amounts of money to back bills intended to weaken the CFPB. He said the bureau became a thorn in the side of banks like Wells Fargo when it caught them cheating consumers.

"Many Wells Fargo customers throughout the country, including in West Virginia, are getting money back right now from the CFPB,” Little said. "So, there's actually money in their bank accounts that was being leached off by some predatory practices."

Wells Fargo landed in hot water when for creating around 2 million accounts without customers' knowledge or approval - running up millions in artificial fees.

Sen. Shelley Moore Capito, whose husband is a local Wells Fargo executive not connected to the scandal, has said she favors "reform" of the CFPB, which has been criticized by some as a case of government overreach.

Little said proposals now in Congress would change how the CFPB is funded and how it is governed. And while those changes might look like reform, he said they're really designed to undermine the independence necessary for the agency to do its job.

"We have a consumer agency to make sure our toasters don't blow up in our homes, and we can buy toasters with confidence because of that,” Little argued. "So, this is just making sure that the consumer products that we get in the financial industry are safe; they're not taking advantage of folks."

The CFPB has written limits on forced arbitration, regulated the fine print in credit card contracts and protected military families from predatory lending. Little said the agency is overwhelmingly popular with voters of both parties when people are familiar with what it does. But it has some enemies in D.C.

"This is a bipartisan issue. There are clear elements of both parties that are influenced by Wall Street,” Little said. "We've got to make sure the money is organized. The only thing that's not organized is the people."

According to contribution records, the financial industry - from Wall Street banks to payday lenders - spent over $2 million per day during the election; a total of $1.4 billion.



get more stories like this via email

more stories
Berryessa Snow Mountain National Monument's new Molok Loyuk region provides habitat for tule elk, mountain lions, bears, bald eagles and golden eagles. (Hispanic Access Foundation)

Environment

play sound

Conservation groups, tribes and community organizers are praising President Joe Biden's decision Thursday to expand two national monuments in …


Social Issues

play sound

Pennsylvania is among the states where massive protests and tent encampments opposing the war in Gaza are growing. Elez Beresin-Scher, a sociology …

Health and Wellness

play sound

Studies show suicide is a serious public health problem, claiming more than 48,000 lives each year in the nation. A new initiative from the Zero …


An installation view of the exhibition Art Against the Odds, is shown at the Neville Public Museum in Green Bay, Wisconsin. (Photo courtesy of Kate Mothes)

Social Issues

play sound

By Kate Mothes for Arts Midwest.Broadcast version by Mike Moen for Wisconsin News Connection reporting for the Arts Midwest-Public News Service Collab…

Environment

play sound

A new film documents the 2018 battle between Colorado environmentalists and the oil and gas industry over proposed fracking regulations. The film …

Among adults in Arkansas, 32.6% report symptoms of anxiety and/or depressive disorder, almost identical to the national average. (Halfpoint/AdobeStock)

Health and Wellness

play sound

As Children's Mental Health Awareness Week kicks off in Arkansas, an expert said parents can help their children have a healthy brain to thrive…

Environment

play sound

As part of an effort to restore the Mississippi River delta, an organization is collaborating with nature to address environmental challenges…

Health and Wellness

play sound

Toughing it out during spring allergy season is not in your best interest if you want to avoid asthma later in life. New Mexico has plenty of grass …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021