Comments of the Greenlining Institute on the Federal Reserve Proposed Regulation II: Debit Card Interchange Fees and Routing

The Greenlining Institute appreciates the Federal Reserve Board’s solicitation of public input for the proposed Regulation II regarding debit card interchange fees and routing.

In light of Greenlining’s mission to ensure safe and equitable access for all communities to the financial sector, we are especially concerned about any disproportionate impact the implementation of (or the failure to implement) this proposed rule could have for unbanked Americans.
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Opening Comments of The Greenlining Institute On The Proposed Decision And The Alternate Proposed Decision

I. Introduction

In accordance with Rule 14.3(a) of the California Public Utilities Commission’s (“CPUC” or “the Commission”) Rules of Practice and Procedure, the Greenlining Institute (“Greenlining”) submits these Opening Comments on both the Proposed Decision of ALJ Pulsifer Regarding Residential Rate Design (“PD”) and the Alternate Proposed Decision of Commissioner Peevey Regarding Residential Rate Design (“APD”).[1] The Commission should reject the APD completely and modify the PD to minimize the impact of multiple rate increases on California Alternate Rates for Energy (“CARE”) customers.

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Greenlining Letter of Support for Richard Cordray as CFPB Director

Senator Tim Johnson, Chairman
Sen. Committee on Banking, Housing &Urban Affairs
136 Hart Senate Office Building
Washington, DC 20510

Senator Richard C. Shelby, Ranking Member
Sen. Committee on Banking, Housing & Urban Affairs
304 Russell Senate Office Building
Washington, DC 20510

Urge Your Support for Richard Cordray as CFPB Director

Dear Senators Johnson and Shelby,

The Greenlining Institute strongly supports the confirmation of Richard Cordray as Director of the Consumer Financial Protection Bureau.

As you already know, predatory lending devastated communities all across the country, but particularly so in communities of color.

Remarks of Preeti Vissa, The Greenlining Institute Capital One Financial Corporation’s Proposed Acquisition of ING Bank, FSB

Capital One is a credit card company masquerading as a bank and is now the largest subprime credit card lender in the US.

Californians do not need another large subprime lender. Capital One is notorious for targeting vulnerable borrowers, particularly within immigrant communities, with cards that have high interest rates and low credit limits. The moment consumers fall behind on their payments, Capital One piles on late fees and raises interest rates. As a result, cards that were meant to build credit end up destroying it.

Remarks of Preeti Vissa, The Greenlining Institute Capital One Financial Corporation’s Proposed Acquisition of ING Bank, FSB

Capital One is a credit card company masquerading as a bank and is now the largest subprime credit card lender in the US.

Californians do not need another large subprime lender. Capital One is notorious for targeting vulnerable borrowers, particularly within immigrant communities, with cards that have high interest rates and low credit limits. The moment consumers fall behind on their payments, Capital One piles on late fees and raises interest rates. As a result, cards that were meant to build credit end up destroying it.

Click here to read testimony for Capital One Hearing.