More on Financial Services
Maloney, Frank, Slaughter, Fitzpatrick call on Federal Reserve to study impact of credit card “ability to pay” rules on stay-at-home spouses
WASHINGTON – Reps. Carolyn Maloney (D-NY), Barney Frank (D-MA), Louise Slaughter (D-NY), and Mike Fitzpatrick (R-PA), today asked the Federal Reserve to conduct a six-month study of the effects of their “ability to pay” rule on stay-at-home spouses bringing to light a concern over the effect it would have on their ability to gain credit.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, made the following remarks at the meeting held by the Financial Institutions and Consumer Credit Subcommittee on legislation which would fundamentally alter the structure of the new Consumer Financial Protection Bureau before it even opens for business July 21st. “It’s kind of sad, somehow, that we’re here doing this today,” Maloney said. “With so many still trying to recover from the economic crisis, here we are debating measures to “improve” the Consumer Financial Protection Bureau. “These measures are sponsored by some who opposed the CFPB’s creation last year, and thus are re-litigating the past—before there is any indication of any actual problems caused by this new agency—we are in fact conducting this debate less than three months before the agency even opens its doors!
WASHINGTON, DC – At a legislative hearing of the House Financial Services Committee today, Rep. Carolyn Maloney (D-NY) assailed Republican legislation to “delay and diffuse” the authority of the new Consumer Financial Protection Bureau (CFPB), scheduled to open for business in July.
Reps. Maloney & Rangel, Housing Advocates and Struggling Homeowners Report on Impact on NYC of Ending Federal Programs to Stem Foreclosure Crisis
NEW YORK, NY - Today, U.S. Representatives Carolyn Maloney (D-Manhattan, Queens) and Charles Rangel (D-Manhattan & the Bronx); Mike Hickey, Executive Director of the Center for New York City Neighborhoods; Willie Rapfogel, CEO of the Metropolitan Council on Jewish Poverty; Mitchell Kent of the NYC Department of Consumer Affairs; Bisoondaye Maharaj, a struggling Queens homeowner who has benefitted from federal mortgage programs; and housing advocate Seema Agnani, Executive Director of the Chhaya Community Development Corporation, gathered at City Hall to release a report detailing the impact on New York City of Republican efforts to terminate federal foreclosure-avoidance programs. At a time when our economy and real estate market remain fragile, Republicans have offered no alternative plans to stem the foreclosure crisis.
WASHINGTON – Reps. Carolyn Maloney (D-NY), principal author of the Credit CARD Act, and Louise Slaughter (D-NY), author of the law’s language aimed at curbing abuses aimed at those under 21 years of age, today released the following statement following a rule approved by the Federal Reserve that would require credit card issues to consider a consumer’s individual income before extending credit.
WASHINGTON, D.C. – Rep. Carolyn Maloney (D-NY) today introduced legislation, “The StartUp Visa Act of 2011,” H.R. 1114, to encourage innovation and economic growth by permitting immigrant entrepreneurs greater access to temporary U.S. visas. The bill matches legislation introduced this week by Senators John Kerry, Richard Lugar, and Mark Udall in the Senate.
Maloney Amendment to GOP bill which eliminates Neighborhood Stabilization Program identifies what’s being cut
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today offered an amendment on the House floor to H.R. 631, “The NSP Termination Act,” which would list the state-by-state quantities of vacant homes.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), ranking member of the Financial Institutions and Consumer Credit Subcommittee, today called for Elizabeth Warren to be nominated permanent Director of the Consumer Financial Protection Bureau (CFPB) at an oversight hearing of the subcommittee.
Maloney on bills to repeal assistance to homeowners and localities suffering in the foreclosure crisis
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today introduced an amendment in the House Financial Services Committee to H.R. 839, "The HAMP Termination Act of 2011" sponsored by Patrick McHenry (R-NC), whose bill would abolish the “Housing Affordable Modification Program” which was established to assist three to four million homeowners in achieving mortgage modifications. The Maloney Amendment would extend the program to accommodate 500,000 more mortgages before it ends. “At best, this bill is a penny-wise-and-pound-foolish attempt to cut spending; in reality it will make things worse in the housing market. My amendment would help 500,000 more homeowners get the help they truly need and help stem the overall slide in the market,” Maloney said. “Recent housing price reports show that we are still dealing with the aftermath the housing bubble. Homeowners need more help. But the bills being debated in this committee eliminate most of the help that currently exists, and that’s just crazy. The prospect of more foreclosures which will further depress housing prices—that’s not what America needs right now.”
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today introduced an amendment to H.R. 830, "FHA Refinance Program Termination Act", sponsored by Rep Robert J. Dold (R-IL), to require 500,000 additional underwater mortgages be refinanced by the Federal Housing Administration before the refinance program is terminated. Maloney made the following statement in introducing the amendment today in a markup on the bill before the House Financial Services Committee: