March , 2019

Email This Post Email This Post
Calling Financial Regulatory Reform legislation signed into law Wednesday by President Barack Obama a “victory for consumers,” Illinois Attorney General Lisa Madigan, in a prepared statement, said it restores some of the powers of the states to pursue actions against financial institutions which violate state laws.
Madigan, in Washington, D.C. where President Obama signed Financial Regulatory Reform into law, said the legislation is “the most sweeping consumer financial reforms since the Great Depression.”
“Historically, the new law creates a separate Consumer Financial Protection Bureau within the Federal Reserve to protect consumers from financial  abuses like predatoory lending that went unchecked by federal regulators and nearly brought down our economy.  The new Bureau will oversee consumer lending including mortgages, credit cards and student loans.”
Madigan said that was a critical component that Big Banks spent hundreds of millions of dollars trying to defeat. More information can be found by clicking here .
Madigan also noted that the new financial reform law also prohibits lenders from making predatory loans that lenders know borrowers cannot repay, and lenders would be banned from receiving incentives for steering people into high rate loans when they qualify for lower rates. Consumers are also protected from abusive loan fees and penalties for prepaying.
“This new law finally gives consumers a voice on how banks, mortgage lenders, credit card companies and payday lenders are regulated to protect our financial interests and not just those of financial institutions,” said Madigan.
You can leave a response, or trackback from your own site.

Leave a Reply

You must be logged in to post a comment.

Recent Comments

Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

Recent Posts