CALPIRG Blog

As Congressional action continues on financial reform, bank lobbyists seeking to preserve the system that failed have asked Congress to overturn a recent PIRG-backed Supreme Court decision, Cuomo v. Clearinghouse, that reinstated some authority of state attorneys general to enforce their own consumer laws over national banks. As the New York Times reports today, based on that decision, States Are Pondering Fraud Suits Against Banks: "Frustrated by the banks’ inability or unwillingness to stop an avalanche of foreclosures, the states are considering lawsuits over the creation and marketing of millions of bad loans as well as the dismal pace of mortgage modifications." Consumers should contact their Representatives and Senators and urge opposition to banker efforts to take state consumer cops off the beat.