Showing posts with label Consumer Financial Protection Bureau. Show all posts
Showing posts with label Consumer Financial Protection Bureau. Show all posts

Wednesday, September 30, 2015

The crushing load of student debt

People are being buried under the processes and payment of student loans, a new report released by the Consumer Financial Protection Bureau (CFRB) finds, pushing a quarter of the nation's 41 million people with student loans toward default.

The stunning findings of the CFRB are pushing the agency towards crafting new rules for the $1.3 trillion student loan market. It notes the problems are particularly acute in the servicing of student loans, which CFRB described as being unfair in part because borrowers are often mislead and assessed with unexpected fees.
As detailed in the report, the student loan market lags far behind other areas of consumer debt when it comes to defaults. And a lack of standards is a big reason why:
Student loan servicers are a critical link between borrowers and lenders. Servicers manage borrowers’ accounts, process monthly payments, manage enrollment in alternative repayment plans, and communicate directly with borrowers, including borrowers in distress. There are no consistent, market-wide federal standards for student loan servicing and servicers generally have discretion to determine policies related to many aspects of servicing operations.
This is no way to help prepare our next generation if we want it to lead this country. As the Teamsters and others have noted, the soaring cost of higher education is a major concern. The U.S. needs to make it easier for those seeking a college education to earn one, not saddle them with a lifetime of debt.
Government needs to do more to ensure student loan rates remain low so students can better afford their post-secondary schooling. And candidates for the 2016 election need to find innovative ways to address the problem. Some already have. But the hard work then needs to be done to implement the changes.
We can't allow America's future to drown in debt.

Friday, April 24, 2015

Today's Teamster News 04.24.15

Teamsters
Cedar Falls Schools, Teamsters open labor talks  WCF Courier  ...Teamsters Local 238 is in the middle of a two-year contract with Cedar Falls Schools, and officials are only bargaining on wages and insurance, said district spokeswoman Janelle Darst. A total of 46 people are covered by the agreement, including various custodial positions, groundskeepers, mail deliverers, laundry workers, warehouse workers, plumbers, painters, carpenters, technicians and electricians...

Global Labor & Trade
Obama 'Fast Track' Trade Agenda Advances In Senate  Huffington Post   ...The Senate Finance Committee endorsed Obama's request for "fast track" legislation, which would renew presidential authority to present trade deals that Congress can endorse or reject but not amend. If the House and Senate eventually comply, Obama is likely to ask them to approve the 12-nation Trans-Pacific Partnership, which involves Japan, Canada and Mexico, but not China. Other trade proposals could follow...
Obama admonishes his base on trade  Politico  ... President Barack Obama told his progressive base that their stance on trade is retro. While Republicans have backed fast-tracking a 12-nation Pacific trade agreement, it’s Democrats who have balked, with liberal voices like Elizabeth Warren warning that the deal would fuel outsourcing and lost wages...
Pelosi criticizes Obama-backed trade bill  The Hill   ...Weighing in for the first time since the trade promotion authority (TPA) legislation was introduced last week, Pelosi said the bill lacks safeguards protecting U.S. workers and fritters an historic opportunity to improve worker rights, food safety and the environment across the globe...
Democrats Balk At Obama Plan To Cut Funding For Workers Hurt By Trade Deals  Huffington Post  ...The rift between President Barack Obama and congressional Democrats over trade policy deepened Wednesday as the administration opposed an effort to fully restore aid for American workers who lose their jobs to international trade...
Obama is failing us all by ignoring the need for currency rules in TPP  (opinion) The Guardian  ...If we recognize the need to address the trade deficit, and the centrality of the value of the dollar, then it is mind-boggling that the Obama administration would not have sought to include rules on currency in the TPP. After all, the Obama administration has been in office more than six years and allowed large trade deficits to persist...
Newly Leaked TTIP Draft Reveals Far-Reaching Assault On US/EU Democracy  Common Dreams   ...A freshly-leaked chapter from the highly secretive Transatlantic Trade and Investment Partnership (TTIP) agreement, currently under negotiation between the United States and European Union, reveals that the so-called "free trade" deal poses an even greater threat to environmental and human rights protections—and democracy itself—than previously known, civil society organizations warn...
Hey Mr. President: Transparency Applies to the TPP, Too   (opinion) Truthout.org   ...when it comes to transparency you can't play pick and choose. You can't be transparent about a counterterrorism operation that went horribly wrong, but then be incredibly secretive about something like... the TPP...

State & Living Wage Battles
Illinois Lawmakers To Consider Right-To-Work  WTHI   ...An Illinois legislator expects Right to Work to be debated in the state legislature.  Right to Work bills prohibit workers from being forced to join labor unions.  Indiana and Wisconsin passed Right to Work laws amidst a huge controversy...
Democrats Are Rallying Around $12 Minimum Wage  New York Times   ...Democrats in Congress are uniting around a proposal to raise the federal minimum wage to $12 an hour. Within the next several days, Senator Patty Murray, the top Democrat on the Senate committee that deals with labor issues, plans to introduce a bill to increase the minimum wage, in steps, from its current level of $7.25 to $12 by 2020...
Religious Groups To Scott Walker: Don’t Drug Test The Poor  Think Progress   ...Wisconsin faith leaders from across the religious spectrum are calling on their state legislature to reject a proposal from Gov. Scott Walker (R) that would impose drug tests for some recipients of government-funded aid, arguing such screenings don’t work and unfairly stigmatize the poor...
NLRB Files Brief Supporting Unions' Lawsuit, Calling County Right-to-Work Laws Preempted  Bloomberg News   ...The National Labor Relations Board April 17 urged a federal district court in Kentucky to invalidate a county ordinance that prohibits the use of union-security provisions in collective bargaining agreements and regulates other practices that are either permitted or prohibited by federal law...
66% of San Jose’s Confirmed Wage Theft Money Goes Unawarded; Ordinance Proposed   We Party Patriots   ...San Jose is considering a wage theft ordinance which would help the labor commission recoup lost wages and deny permits and licenses to companies with pending wage theft violations.  The proposal is similar to one passed in Santa Clara County last year.  San Jose’s version is being supported by city council members Don Rocha, Margie Matthews, Ash Kalra, and Magdalena Carrasco.  The ordinance has been sent to the Rules and Open Government Committee...
The homeless man who works in the Senate   (opinion) Washington Post   ...In the basement of the Dirksen Senate Office Building, 63-year-old Charles Gladden works alongside some of the nation’s most powerful people. But unbeknown to any of these bigwigs, or even to his employer, Gladden is homeless. Alongside hundreds of other federal contract workers, he protested the fact that our government doesn’t require the companies it does business with to pay what he considers a living wage....

U.S. Labor
Have We Seen the End of the Eight-Hour Day?  The Nation   ...Along with wages and conditions, hours used to be a basic concern in worker organizing. But since the Fair Labor Standards Act of 1938 enshrined the 40-hour week, hours have tended to be taken for granted. This is changing only because, in recent years, employers have entered a devastating new race to the bottom: Involuntary part-time is becoming the new norm for low-wage workers, together with schedules so unpredictable and varying that one can’t easily get another job, or go to school, or be a reliable parent...
Unions converge in Jersey City to protest legislation that they say will cut American jobs  NJ.com ...More than 100 strong, labor leaders and union workers demonstrated at the plaza in Journal Square this afternoon, urging lawmakers to vote down a federal bill they say would take jobs away from Americans. Led by Ray Greaves, a former Bayonne City Council member and chairman of the Amalgamated Transit Union, the group -- which included the Hudson County Central Labor Council, Food & Water Watch, ATU, NJ Industrial Union Council, Anakbayan and Communications Workers of America  -- spread the word to anyone in Journal Square who stopped to listen....

Miscellaneous
House Republicans vote against American consumer, again   Daily Kos  ...Proving once again how much disdain Republicans really have for the American public, the House passed a bill Wednesday, 250-173, to weaken the Consumer Financial Protection Bureau. Because they really, really don't want us to have any recourse against predatory businesses trying to fleece us...
Fed’s Rate Decisions Hang On Dollar, Growth Concerns  Wall Street Journal   ...The strong U.S. dollar and an unsteady global economy are emerging as primary concerns for Federal Reserve officials as they prepare for a policy meeting next week to consider the timing of the first interest-rate increase since before the financial crisis...
Airmail Via Drones Is Vexing For Prisons  New York Times   ...Drones flying over prison walls may not be the chief concern of corrections officials. But they say that some would-be smugglers are experimenting with the technique as an alternative to established methods like paying off officers, hiding contraband in incoming laundry and throwing packages disguised as rocks over fences into recreational yards...
It's Not The 1% Controlling Politics. It's The 0.01 Percent.  Mother Jones   ...In other words, about 1,200 Americans control more than 40 percent of election contributions. Notably, between 2010 and 2012, the total share of giving by these donors jumped more than 10 percentage points. That shift is likely the direct result of the Supreme Court's 2010 Citizens United ruling, which struck down decades of fundraising limits and kicked off the super-PAC era. And this data only includes publicly disclosed donations, not dark money, which almost certainly means that the megadonors' actual share of total political spending is even higher...
Inequality’s Big Enabler? The Tax Code. (opinion)  Washington Post   ...Of the 10 largest tax expenditures, only two — the $70 billion-per-year earned-income tax credit and the $57 billion child tax credit — favor the poor. The others disproportionately benefit the top 20 percent of earners, according to a Congressional Budget Office report...

Tuesday, August 5, 2014

Today's Teamster News 08.05.14

Teamster News
Bus Drivers May Go On Strike Thursday  KVOA   ...Sun Tran and Teamsters Local 104 are still working to avoid a bus strike. Saturday night, the union overwhelmingly voted down Sun Tran's contract offer. The current agreement expires at 11:59 p.m. Wednesday...
Charter School Teachers Turn To Union For Help  Worcester Telegram & Gazette   ...Eighty teachers and guidance counselors at the Advanced Math and Science Academy Charter School in Marlboro recently made history when they joined a union — but not the one you might think. ...they joined Teamsters Local 170 in Worcester, a 4,000-member union of mostly truck and bus drivers and warehouse workers...
Motorcycle Run Raises Funds For Family Of Slain Gary Police Officer  Chicago Post-Tribune   ...Teamsters Local 142 showed Sunday that union solidarity knows no boundaries when it comes to helping family. At least 75 motorcycle enthusiasts brought out their bikes for the second annual Solidarity Run from its Clark Street hall. Last year, the ride, which brought out about 35 riders, brought in money for the union’s philanthropic works, such as Christmas baskets for needy families...
Trade
Walmart Is Giving Priority To U.S. Manufacturers Who Hire American Workers; CEO Bill Simon Says Reviving Industry Is Essential For Walmart’s Success  Trade Reform   ...Walmart is accelerating its program to purchase billions of dollars of more products from U.S.-based manufacturers. On July 8. Walmart held its first-ever Made in USA ‘Open Call’ Event” at its Arkansas headquarters. Five-hundred manufacturers pitched their products to Walmart buyers. The only requirement was that their products be manufactured or assembled in the United States...
State Battles
Kansas, Arizona Require Proof Of Citizenship For Voting  Wall Street Journal   ...Election rules in Kansas and Arizona are set to bar thousands of people in coming weeks from casting ballots in state primaries even as the federal government allows some of them to vote in congressional races...
War On Workers
The United States Needs Corporate 'Loyalty Oaths'  Daily Beast   ...2014 will be remembered for the plague of “corporate inversion,” which the news media should start routinely calling “corporate desertion.” So far, 47 American-based companies have renounced U.S. citizenship and bought foreign subsidiaries in order to dodge American taxes. Many more are preparing to flee...
Another Settlement – JP Morgan Receives Slap On The Wrist Despite Years Of Fraudulent CFTC Data  zero hedge   ...the CFTC will impose a meager $650,000 fine on JP Morgan, despite years of warnings about fraudulent data reports...
A Paper Mill Goes Quiet, and the Community It Built Gropes for a Way Forward  New York Times   ...It is something to do here, witnessing the disintegration of the Great Northern Paper mill, which conjured this town out of the backwoods and sustained it for a century. Once among the biggest mills of its kind, it pulled power from the river and made pulp from spruce, filling wallets and pantries for thousands of families and supporting a bustling main street...
1 Highway Worker Killed In Dallas-Area Wreck  KSAT   ...One highway worker has been killed and another hurt after a car plowed into a highway maintenance vehicle and trailer on a Dallas-area toll road...
S&P: Wealth gap is slowing US economic growth  Associated Press   ...The widening gap between the wealthiest Americans and everyone else has made the economy more prone to boom-bust cycles and slowed the 5-year-old recovery from the recession...
Pregnant Walmart Worker Ends Up Fired After Walmart Said It Would Help Pregnant Workers  Think Progress   ...Candis Riggins has a new baby. But, since she got fired from Walmart, she no longer has her job or her house...
Will Labor Solidarity Save the Post Office?  Huffington Post   ...A successful boycott to stop the further privatization of the post office could then move demand that the post office be restored to its former glory and effectiveness by reopening processing centers, extending local post office hours and rehiring experienced staff...
Miscellaneous
NLRB Gets The Case Of The Northwestern Football Player Union And The Wait Begins  Chicago Business Journal   ...The matter of whether Northwestern University scholarship football players can unionize is now in the hands of the full National Labor Relations Board in Washington, D.C...

Wednesday, July 17, 2013

Confirmed CFPB head will stand up for workers

Richard Cordray had already proven to be a fine choice to head the Consumer Financial Protection Bureau (CFPB). On his watch, the agency recovered millions of dollars and halted credit card, home foreclosure and predatory lending scams. Now his tenure has been legitimized.

The Senate approved his nomination to serve as CFPB director last night. It ends a two-year struggle to have his nomination considered. President Obama installed Cordray, Ohio's former attorney general, in January 2012 after Republicans refused to allow a confirmation vote. That changed yesterday when Senate leaders reached an agreement to move forward.

The Teamsters strongly supported his nomination. Teamster General President James P. Hoffa previously lauded Cordray's record:
Richard Cordray is a solid public official who has done much to protect Ohio's retirees, investors and business owners from financial fraud.
The consumer bureau was created by the 2010 Dodd-Frank financial reform law that overhauled federal financial regulatory powers. Republicans, however, did not like several aspects of it, including having a single director instead of a five-member commission.

But as Americans for Financial Reform first highlighted and we mentioned earlier this year, the CFPB under his leadership has gotten a lot done for Americans, including returning more than $450 million to consumers cheated by credit card companies and writing new regulations that prohibit banks and mortgage companies from disguising costs and making loans borrowers can't afford.

Hard-working Americans deserve an advocate who will be on our side. Sen. Elizabeth Warren said it best earlier this year during a March hearing:
The American people deserve a Congress that worries less about helping big banks and more about helping regular people who've been cheated on mortgages, on credit cards, on student loans, on credit reports.
Amen.

Thursday, January 5, 2012

Today's Teamster News 01.05.12

Walkout by Indiana Democrats stalls anti-union bill  Reuters   ...Indiana House Democrats met behind closed doors on Wednesday, delaying the start of the 2012 legislative session and blocking action on controversial anti-union legislation backed by Republicans...
Working hard to make Indiana look bad  EPI   ...The impotence of right to work in the era of globalization is evident in the widespread job losses experienced by RTW states over the past 15 years. The loss of manufacturing jobs post-NAFTA has been felt in every state in the country. ... the highest rates of job loss have been in right-to-work states...
California Train Plan Hits Bump Over Funds  Wall Street Journal   ...California's ambitious plan for a high-speed rail system hit a big roadblock Tuesday, as an independent panel urged lawmakers to deny authorizing the issuance of $2.7 billion in bonds to kick off the $98.5 billion project...
Cordray’s Recess Appointment Helps Implement a Law That Already Passed  New Deal 2.0   ... President Obama rightfully sidestepped a GOP that insists on dismantling a law that addresses some of the fundamental breakdowns of the crisis....
Bankers Trying to Use NAFTA to Kill Financial Reform  Eyes on Trade   ...The Investment Industry Association of Canada perfectly illustrates how "trade" agreements can reach inside nations' borders and interfere with public interest regulations that have nothing to do with the flow of goods between countries...
Property tax bills rise despite cuts in spending  Wisconsin State Journal   ...“I do not believe the rhetoric of no new taxes,” county Treasurer David Worzala said. “There are very few municipalities where taxes decreased.”...

Thursday, September 16, 2010

Today's Teamster News 09/16/10

Elizabeth Warren To Be Appointed to Help Create Consumer Finance Protection Bureau ABC News ...Warren ... proposed ... "a new regulatory body to protect consumers who use credit cards, home mortgages, car loans, and a host of other products..."

Wayne County Fights Fear of Unions Detroit Free Press ...Bill Black, executive director of Teamsters Joint Council No. 43, (was) ... part of the team selling Wayne County as a swell place to do business.

States cutting benefits for public-sector retirees Bloomberg News ...Since 2008, New Jersey and at least 19 other states from Wyoming to Rhode Island have rolled back pension benefits or seriously considered doing do...

UC workers protest plan to shore up pension funds Associated Press ...University of California workers (represented by the Teamsters) are protesting a plan to increase the share of their paychecks set aside for their pensions...

Concern about Personal Financial Situation Highest in Five Years Business Wire ...Seventy-five percent of workers and 61 percent of retirees are very concerned about their long-term financial future...

FedEx Profit Doubles, But It's Laying Off 1,700 Workers Associated Press ...FedEx Corp. ... strength in international shipments are driving profits, but said it will cut 1,700 jobs in an attempt to fix its money-losing U.S. trucking business.

Dozens of 9/11 responders make plea in Washington D.C. to push for Zadroga Act with Mayor Bloomberg Daily News ...Ex-paramedic Freddy Noboa traveled 1,100 miles with his 41 medications to Washington Wednesday, hoping to get Congress to finally pass a 9/11 health bill.

Wednesday, July 21, 2010

Links 07/21/10

Fed in Hot Seat Again on Economic Stimulus New York Times

S.E.C. Pursuing More Cases Tied to Financial Crisis New York Times ...the S.E.C. is continuing to press for accountability and restitution for the upheaval in financial and housing markets in 2007 and 2008, which led to the sweeping regulatory bill that President Obama is scheduled to sign on Wednesday.

Wal-Mart Is Sued Over Care Wall Street Journal ...The lawsuit alleges that Wal-Mart broke state and federal laws by using a subsidiary to control the treatment for employees with workplace injuries.

AFL-CIO plugs Warren for consumer protection chief The Hill ...The nation's largest labor federation endorsed Elizabeth Warren on Tuesday to head the new consumer financial protection agency.

FedEx Increases Lobbying Spending to Fight FAA Union Provision Bloomberg ...FedEx Corp., trying to defeat legislation that would make it easier for its employees to unionize, almost doubled its lobbying spending in the first six months of this year compared with the same period a year ago. ...FedEx spent $11.6 million on lobbying between January and June...UPS spent $2.9 million to lobby between January and June.