Loading...
Judging by the number of folks charged with driving under influence I am guessing the penalty is rather light. Of...

Christopher Kukla: Jones stood up for consumers

Christopher Kukla

Christopher Kukla

Loading…

Monday, July 31, 2017

North Carolinians need to know that when protections for our citizens and military members from predatory lending was in jeopardy, Congressman Walter Jones was there.

Legislation recently passed in the U.S. House of Representatives would eliminate important consumer protections and prevent the Consumer Financial Protection Bureau from regulating payday lending. Congressman Jones, the Farmville Republican, stood with his constituents instead of payday lenders and Wall Street banks and voted against these bills.

First, Rep. Jones voted against the so-called CHOICE Act, a bill that would eliminate protections that prevent Wall Street from dragging us into another financial crisis. One provision would have eliminated the Consumer Bureau’s ability to regulate payday lending, a big concern for our military. As Congressman Jones said in a statement, “when service members are being taken advantage of, it’s wrong for Congress to take the cop off the beat.” We couldn’t agree more.

Then, Rep. Jones voted against a resolution that would strike down new rules that would restore our right to join in court and hold lenders accountable for misconduct and wrongdoing, instead of being forced to take the matter one by one to an arbitrator picked by the lenders themselves. While Jones stood on the side of consumers, many members of Congress, including several from North Carolina, continue to side with predatory lenders instead.

North Carolina is a leader in commonsense consumer financial protection. We passed the nation’s first anti-predatory mortgage lending laws in 1999. We are one of 15 states, plus the District of Columbia, to ban 300 percent APR payday and car title loans, saving our consumers $457 million every year. Numerous studies show that North Carolina fared better than other states in the financial crisis because of our common-sense laws.

After the financial crisis, Congress passed the Wall Street Reform and Consumer Protection Act. This law provided new protections, many modeled after laws here in North Carolina. The law also created the CFPB — the only federal agency that prioritizes consumer protection and holds the financial services industry accountable to working families.

The CFPB has recovered nearly $12 billion in relief to more than 29 million consumers harmed by illegal practices of credit card companies, banks, debt collectors, payday lenders, mortgage companies and others. Led by the Office of Servicemember Affairs, the CFPB has shut down several scams targeting the military.

The CFPB’s arbitration rule is the latest example of why we need a strong consumer agency that stops harmful financial practices. Financial companies bury clauses in the fine print of agreements that deny Americans the freedom to seek justice through our court system instead of a process rigged against them — secretive, without the right of appeal, and often with the arbitrator relying on the company for repeat business.

Protecting and building family wealth depends on our public leaders standing up for them. Congressman Jones deserves to be recognized for showing the courage of his convictions and voting against legislation that would weaken consumer protection.

We would call on Sens. Burr and Tillis to follow Rep. Jones’ example and vote against these bills in the Senate.

Christopher Kukla is an executive vice president of the Center for Responsible Lending, a Durham-based research and policy organization dedicated to eliminating abusive financial practices

Loading…

Humans of Greenville

@HumansofGville

Local photographer Joe Pellegrino explores Greenville to create a photographic census of its people.

Op Ed

April 19, 2019

Roughly $1.25 billion. That's how much Duke Energy customers will be overpaying for electricity over the next 10 to 15 years. We can thank North Carolina law — and Gov. Roy Cooper — for the higher bills that come with long-term solar energy contracts Duke has been forced to accept.…

Donald van der Vaart

April 19, 2019

The Telegraph of London

There are few more iconic buildings in the world than the cathedral of Notre-Dame de Paris. The fire that has ripped through the great building is not just a tragedy for France but for the whole of Europe.

The church, with its familiar double towers and spire, now sadly…

April 18, 2019

I recently spoke at the University of North Carolina Clean Tech Summit and I was inspired by our state’s enormous potential to fully transition to a clean energy economy. I challenged the students and business leaders in attendance to embrace disruption and exemplify the leadership North…

Michael S. Regan

April 18, 2019

On April 11, the ongoing saga of journalist and transparency activist Julian Assange took a dangerous turn.

Ecuador's president, Lenin Moreno, revoked his asylum in that country's London embassy. British police immediately arrested him — supposedly pursuant to his "crime" of jumping bail…

Knapp

April 17, 2019

There's a push to change laws to permit both criminals serving time and ex-criminals the right to vote. Guess which party is pushing the most for these legal changes. If you guessed that it was the Democrats, go to the head of the class. Bernie Sanders says states should allow felons to vote from…

April 16, 2019

The bribery scandal that has ensnared N.C. Republican Party Chairman Robin Hayes couldn't be a more perfect example of how big money can corrupt state politics.

Hayes was indicted on charges that he'd worked with insurance company executive Greg Lindberg to bribe the state's insurance commissioner…

Colin Campbell

April 16, 2019

If you were to poll North Carolinians on an open-ended question about what they think the biggest threat to liberty is in the state, there would certainly be lots of different and diverse answers.

You might even see responses like "climate change" and "Yankees moving here." Democrats might say…

Ray Nothstine

April 15, 2019

The New York Times

Congress has landed on one of those rare ideas that commands support from both Democrats and Republicans. Unfortunately, it’s a bad one.

On Tuesday, the House approved legislation misleadingly titled the Taxpayer First Act that includes a provision prohibiting the Internal…

April 15, 2019

Keep your eye on Sen. Kamala Harris, D-Calif., the only one in the crowded Democratic field to gain real traction since entering the race in January. She’s raised more money in the first quarter of this year than any other candidate except Sen. Bernie Sanders of Vermont, and in a California…

eleanorclift.jpg

April 15, 2019

If you live somewhere other than the western side of North Carolina’s Research Triangle region, you may not have thought that a long-planned light-rail line between Durham and Chapel Hill had much to do with you. So, when the $3 billion-plus project met its demise a few weeks ago, you may not…

john hood.jpg
268 stories in Op Ed. Viewing 1 through 10.
«First Page   «Previous Page        
Page 1 of 27
        Next Page»   Last Page»