Banking and Bailouts
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Washington, D.C.— Congresswoman Suzanne Bonamici (D-OR) and Congressman Elijah Cummings (D-MD) are urging major banks to allow consumers to block automatic withdrawals taken from their accounts by Internet-based payday lenders. In a letter to the CEOs of the five largest U.S. retail banks, Bonamici and Cummings asked the executives to voluntarily adopt provisions of the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, H.R. 990, which they introduced in Congress earlier this year.
Washington, D.C. (March 26, 2013) -- Today, Congressman Elijah E.
Washington, D.C. – Today, Reps. Suzanne Bonamici (D-Oregon) and Elijah E. Cummings (D-Maryland) introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act of 2013 to help protect consumers from predatory lending practices.
Washington, D.C. - Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to President Obama's nomination today of Richard Cordray to continue leading the Consumer Financial Protection Bureau (CFPB), and Mary Jo White to lead the Securities and Exchange Commission (SEC):
"I applaud the President's decision to re-nominate Richard Cordray as CFPB Director and to name Mary Jo White to lead the SEC."
Washington, DC – Rep. Elijah E. Cummings, Ranking Member of the House Oversight and Government Reform Committee, provided the following remarks today at a field hearing held by the Consumer Financial Protection Bureau on the mortgage policy in Baltimore, Maryland.
"Thank you. I would like to welcome everyone to my congressional district here in Baltimore.
"Thank you to my colleagues, Senator Cardin, Congresswoman Edwards, and Mayor Rawlings-Blake, and thank you to Director Cordray for being here as well.
Washington, DC -- Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to the American International Group's (AIG) decision today not to participate in a $25 billion shareholder lawsuit against the government:
"I'm pleased to hear that after receiving the largest bailout by the government to a private company in United States history, AIG has decided not to sue the taxpayers who provided it."
Washington, DC – Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to press reports today that the American International Group (AIG) is considering joining a $25 billion shareholder lawsuit against the government agencies that rescued AIG during the financial crisis:
Washington, D.C. – Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to the lawsuit filed by the Department of Justice today seeking $1 billion from Bank of America, alleging the bank committed fraud by selling defective mortgages to Fannie Mae and Freddie Mac: