Obama said to be considering Bloom Raskin for Federal Reserve Board of Governors

The Washington Post is reporting that Maryland Commissioner of Financial Regulation Sarah Bloom Raskin, who was MCRC's Consumer Advocate of the Year for 2009, is being considered for the Fed's Board of Governors. Read the Post article here. The story was first reported by Bloomberg News.

____________________________________________

Subscribe to MCRC blog updates via email; click here.

Know your rights when debt collectors call

It's the last day of National Consumer Protection Week and we'd like to conclude with this video by the FTC that lets consumers know what rights they have when the debt collectors come calling.

____________________________________________

Subscribe to MCRC blog updates via email; click here.

New credit card rules explained

We are just over the halfway mark of National Consumer Protection Week, and today we're sharing a great piece from the Federal Reserve about what the new credit card rules mean for consumers.

____________________________________________

Subscribe to MCRC blog updates via email; click here.

Payday lending could get vote in Maryland Senate by this wekeend!

Senate Bill 678 could get a vote by Sunday in the Senate Finance Committee. We urge you to let your senator know you support this bill and encourage him or her to give it a favorable vote.

Here's an interesting article in the New York Times about what's happening with payday lending on the national level and illustrates why regulation in Maryland is so badly needed:

Senator Bob Corker, the Tennessee Republican who is playing a crucial role in bipartisan negotiations over financial regulation, pressed to remove a provision from draft legislation that would have empowered federal authorities to crack down on payday lenders, people involved in the talks said. The industry is politically influential in his home state and a significant contributor to his campaigns, records show. -- full story

____________________________________________

Subscribe to MCRC blog updates via email; click here.

Dodd to unveil financial reforms next week

Senate Banking Committee chairman Sen. Christopher J. Dodd (D-Conn.) said Thursday morning that he plans to move forward next week with sweeping legislation to revamp the nation's financial regulatory system, even as lingering differences remain with key Republicans. -- full story

____________________________________________

Subscribe to MCRC blog updates via email; click here.

Diane Rehm Show looks at new credit card regulations

New restrictions on credit card companies take effect. What the new law means for consumers and banks, and loopholes to watch out for. Click here to listen to a recording of the program.

Guests:

Robert Manning, author of "Credit Card Nation" and "Living With Debt," and the founder of the Responsible Debt Relief Institute.

Edmund Mierzwinski, Director, U.S. PIRG Consumer Program

Nessa Feddis, Senior Federal Counsel, American Bankers Association

Nancy Trejos, Washington Post correspondent and author of the book "Hot Broke Messes: How to have your latte and drink it too."

____________________________________________

Subscribe to MCRC blog updates via email; click here.

A cautionary tale about debt settlement

National Consumer Protection Week continues, and below is a video from Consumers Union that shows just what can happen when people turn to debt settlement firms. To see more about MCRC's work on debt settlement, click here.

____________________________________________

Subscribe to MCRC blog updates via email; click here.