Happy Birthday CFPB: Protecting American Consumers Against Wall Street

This month marks the fifth anniversary of the law that created the only financial regulatory agency with a mandate to put the interests of consumers first. Since it opened its doors in July 2011, the Consumer Financial Protection Bureau has begun to bring badly needed rules of fair play to mortgages, debit cards and other areas of the financial marketplace, while delivering some $10.1 billion in refunds and restitution to more than 14 million consumers cheated by financial companies big and small.

Now the Bureau has taken the first steps toward issuing rules that could end abuses in payday, car-title, and other high-cost, debt-trap consumer loans – loans that have had devastating effects on countless Wisconsin families. Unfortunately for the citizens of Idaho, however, Senator Crapo appears to be lining up with the payday lenders and the big banks in their ceaseless efforts to block regulation and undermine the Consumer Bureau’s effectiveness.

Senator Crapo has voted for bills and amendments designed to curtail the CFPBs funding and authority and roll back financial reform. In addition, he ranks among the top thirty House recipients of payday-industry campaign contributions, with $37,500 coming in during the last election cycle.

A new survey confirms once again that most voters – including majorities of Democrats, Independents and Republicans – believe there should be more, not less, government oversight of financial companies. Nearly nine out of ten voters say that small-dollar lenders should have to make sure a loan is affordable in light of a customer’s income and expenses.

“Deceptive loans, fueled by the greed of lending companies and Wall Street banks, nearly drove our economy off a cliff in 2008,” said Ayde Saavadra. “Some of our elected leaders may have forgotten that; their constituents have not. Most Americans understand that the kind of abuses the Consumer Financial Protection Bureau has set out to tackle put our whole economy at risk.”

The Bureau released an outline of its plans to regulate small-dollar consumer loans in March, and it is expected to come out with a formal proposal later this year. Meanwhile, it has been working with the Justice Department and other federal agencies to crack down on payday lenders, debt collectors and their corporate accomplices (including banks and payment processors) when they violate existing state and federal laws.

“It makes you wonder who Senator Crapo is representing on these issues,” Robynhawk Wilson said. “It does not seem to be the people of Idaho.”

“It is a big win that we now have the Consumer Financial Protection Bureau with the job of putting consumer protection first,” ICAN added. “It is time for Idaho’s Congressional Delegates and all our elected officials to start supporting instead of undermining its crucial work.”

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HEALTH CARE VICTORY NOT FOR ALL IDAHOANS

MEDIA RELEASE
June 25, 2015

CONTACT: TERRI STERLING
208-790-4438 terri@idahocan.org

HEALTH CARE VICTORY NOT FOR ALL IDAHOANS

Today, the Supreme Court rejected an attack on the Affordable Care Act, our country’s historic health care law. Now, 6.4 million people can rest more easily, knowing their health insurance won’t be stripped away.

ICAN led grassroots leaders in the fight for health care for everyone in Idaho. The ACA was a major victory, and it’s here to stay.

But it’s not time for us to celebrate in Idaho,” said Robynhawk Wilson, ICAN board member. “Our lawmakers have refused to expand Medicaid, and about 90,000 Idahoans are being shut out of quality health care as a result. This refusal is steeped in racial injustice: a large portion of those still excluded are people of color.”

In Idaho about 450 citizens die each year without access to health care. Currently, adults with incomes between 26-100% FPL do not qualify for subsidies through the ACA or Medicaid benefits.

“The country is moving forward with health reform, and our state lawmakers have no more excuses. It’s time to stand up for all Idahoans.”

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Idaho Community Action Network was founded in 1999. ICAN is a grassroots membership organization committed to racial social and economic justice for all.

Immigrant Families, ICAN Remain Confident that At the End of the Day, Anti-Immigrant Legal Maneuvers Won’t Work

Thousands of Idaho Immigrants Continue to Wait, Prepare for Implementation as Long Legal Battle of Immigration Action Unfolds 

Boise, ID– Today, the U.S. Court of Appeals for the Fifth Circuit denied the US Department of Justice’s request for an emergency stay in the anti-immigrant lawsuit, Texas v. United States of America. Texas Federal Judge Andrew Hanen issued an injunction in mid-February temporarily halting the implementation of the Deferred Action for Parents of Americans and Lawful Permanent Residents (DAPA) and expanded Deferred Action for Childhood Arrivals (DACA) programs. Thousands of Idaho immigrants, up to as many as five million immigrants across the country, are forced to wait, continuing to live in fear of deportation and being torn from their families.

“Governor Butch Otter and State Attorney Lawrence Wasden strategically filed this case in order to delay relief for hardworking immigrants in Idaho” said Ruby Mendez, Senior Policy Fellow of the Idaho Community Action Network “We are confident that we will win this lawsuit and, finally, millions of hardworking immigrants will be able to live, work, and stay in the only country they call home.”                                                                                                                                                                                  

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