Financial Services & Economy

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October 11, 2019 Press Release

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) introduced H.R. 4664, the Monitoring and Curbing Abusive Debt Collection Practices Act, legislation that requires the Consumer Financial Protection Bureau (CFPB) to regulate the debt collection industry.

October 11, 2019 In The News

Ayanna Pressley says the Consumer Financial Protection Bureau is not doing what it was set up to do.

October 4, 2019 Press Release

WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Congressman Gregory Meeks (D-NY), Chairman of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, and Senator Sherrod Brown (D-OH), ranking member of the Senate Banking, Housing, and Urban Affairs Committee, along with 26 Members of Congress sent a letter to the heads of the Federal Reserve, OCC and FDIC demanding that the three banking agencies not issue a propos

September 26, 2019 Press Release

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), Congresswoman Katie Porter (CA-45), Financial Services Committee Chairwoman Maxine Waters (CA-43), and more than 60 of their colleagues sent a letter to Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger slamming the Bureau’s decision to roll back protections that prevent debt collectors from harassing Americans.

September 9, 2019 Press Release

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August 15, 2019 Press Release

WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Senator Elizabeth Warren (D-MA), Congressman Raja Kristhnamoorthi (D-IL), the Chairman of the House Oversight Subcommittee on Economic and Consumer Policy, and Congresswoman Katie Porter (D-CA) wrote to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger, requesting information regarding a new proposal that would indefinitely exemp

August 13, 2019 In The News

The U.S. payments architecture is antiquated, and the Fed will be launching a “real-time payment” platform. However, big banks have been developing their own private platform and are resisting the measure.

Competition between a Fed-based system and the big banks may ultimately lead to the best outcome for small banks and consumers.

Ultimately, however, swifter payments might assist the underbanked — those who already have access to basic banking services, though not an optimal suite of services — but may do little to help the unbanked.

August 5, 2019 Press Release

WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Senators Chris Van Hollen (D-MD) and Elizabeth Warren (D-MA), and Congressman Jesús “Chuy” García (D-IL) applauded the Federal Reserve’s decision to move forward on building a real-time payments system. Currently, Americans lose billions of dollars each year in overdraft fees, driving consumers to turn to more costly financial products because of our inefficient payments system.

August 5, 2019 In The News

The Federal Reserve on Monday announced it will build its own infrastructure for near-instant payments, a move that will have sweeping implications for banks and consumers nationwide.

Such a system would allow people to receive money in their bank accounts within seconds after it’s sent to them, lightning speed by today’s standards. Under the traditional system that handles card payments and direct deposits, transactions are settled en masse three times a day and only during business hours, a costly reality for the millions of Americans living paycheck to paycheck.

July 24, 2019 Press Release

WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Senators Chris Van Hollen (D-MD) and Elizabeth Warren (D-MA) and Congressman Jesús “Chuy” García (D-IL) introduced the Payment Modernization Act of 2019.  Every year, hardworking Americans lose billions of dollars in overdraft fees, driving consumers to turn to more costly financial products because of our inefficient payments system.