Wall Street Reform and Consumer Protection Act Pass the Senate!

Publish Date: 
July 15, 2010
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 The Wall Street Reform and Consumer Protection Act just passed the Senate and is now on its way to the President's desk to be signed into law!! Today's vote is a victory for consumers and the passage of this landmark legislation came despite the enormous opposition from the financial industry, which spent $1.4 million a day to kill reform. Nearly two years after Wall Street and Big Business sent the US economy spiraling into crisis, Main Street has triumphed and real financial reforms of New Deal proportions will now become law. The bill creates the Consumer Financial Protection Bureau to guard against unscrupulous, unfair, deceptive and abusive practices. Now consumers will have a single agency that will put consumers' wellbeing first. The Consumer Financial Protection Bureau will monitor the market and write and enforce rules regarding mortgages, credit cards, financial loans (including student loans and payday loans), debt collection, and consumer reporting agencies. The days of obscene profits and out of control financial products is coming to an end! Thank you to all who have helped win this fight. Your tireless efforts representing consumers has helped us get to where we are today. There is still much to be done in the weeks and months ahead, but NACA wanted to take a moment and applaud this historic moment.