credit

Nearly $760 Billion in Credit Extended Since TARP Investment Began

CHARLOTTE, N.C., Nov. 9 -- Today, Bank of America issued its third quarterly Lending & Investing Initiative report, which outlines the company's progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

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The report, which delivers on a commitment to provide greater transparency into the company's lending and investing efforts across the enterprise, demonstrates how Bank of America is using the government's investment in the company to support the U.S. economy.    » read more »

Debt-strapped consumers would get relief from unscrupulous industry practices

November 3, 2009 -- Consumer Federation of America (CFA) and 18 other consumer organizations filed joint comments with the Federal Trade Commission (FTC) supporting amendments to the Telemarketing Sales Rule that would protect debt-strapped consumers from unscrupulous practices by companies that offer to arrange payment plans with their creditors, get their interest rates or fees reduced, or settle their debts for pennies on the dollar.

In their comments, the consumer groups agreed with the FTC that some debt relief companies mislead consumers about the results they can expect and the impact that such services can have on their credit.    » read more »

WASHINGTON, DC- On the heels of a strongly-worded letter to the CitiGroup CEO requesting major credit card companies, including Citigroup, avoid changing credit card account terms before federal regulations on the industry take effect early next year, U.S. Congressman John Boccieri (D-Alliance) today with 17 of his House colleagues sent a letter to the Chief Executive Officer of Wells Fargo bank, calling on him to reverse his bank's recent decision to suddenly increase rates on their customers by 3 percent, and join other credit card companies who have pledged to not increase rates in advance of the effective date of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act).    » read more »

Former CEO Angelo Mozilo Additionally Charged With Insider Trading

Washington, D.C., June 4, 2009 — The Securities and Exchange Commission today charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share.

Mozilo was additionally charged with insider trading for selling his Countrywide stock based on non-public information for nearly $140 million in profits.    » read more »

Senator Thune Urged SBA to Help Auto Dealers Through Credit Crisis

May 28th, 2009 - Washington, D.C. - U.S. Senator John Thune applauded today's announcement by Small Business Administration (SBA) chief Karen Mills regarding low-interest loans that will be available to auto dealers. Last month, Senator Thune led a bipartisan group of his colleagues in urging the SBA to provide temporary low-interest floor plan financing that private lenders cannot provide during the credit slowdown.    » read more »

May 28, 2009 -- Washington, D.C. -- U.S. Senator Olympia J. Snowe (R-Maine) today praised the Small Business Administration (SBA) for establishing a pilot program that will allow automobile, boat, RV and other dealerships to access SBA-backed loans starting July 1, 2009. Called the Dealer Floor Plan (DFP) program, the initiative will afford dealerships who sell title-able items the ability to borrow against their inventory and repay the debt as they sell their products.    » read more »

Shaheen led a bipartisan group of 32 Senate colleagues in calling on President Obama to make floor plan financing available through the SBA

May 28, 2009 -- (Manchester, NH) -U.S. Senator Jeanne Shaheen today applauded an announcement that the U.S. Small Business Administration that will offer government guaranteed loans to finance auto dealer inventory, a measure Shaheen has been fighting to change for months. In April, Shaheen led an effort in the U.S. Senate urging the SBA and the Obama Administration to increase auto dealers' access to credit. The SBA loans for Dealer Floor Plan (DFP) financing will be available beginning July 1st.    » read more »

At White House announcement in Kokomo, Hoosier lawmakers say decision to extend loans to floor plan inventory will help revive industries, save jobs

May 28, 2009 -- Kokomo, Ind. — Appearing at an afternoon news conference today with the White House auto czar and the head of the U.S. Small Business Administration (SBA), Senator Evan Bayh and Congressman Joe Donnelly today strongly endorsed the administration’s decision to open up a major new source of credit for Indiana dealerships that sell cars, recreational vehicles, boats and manufactured homes.    » read more »

March 16th, 2009 -- This morning the President discussed a sharp contrast. On the one hand, he invited hard working small business owners to the East Wing of the White House to discuss ways the government could help them stay above water. He lightheartedly lavished praise on the sandwich made for him by Marco Lentini, the owner of a small food company, and commended Cynthia L. Blankenship, a community bank owner who has not only been responsible, but has helped keep credit flowing to other small businesses even as it dries up elsewhere.    » read more »

Emphasizes Recovery Efforts Already Taken by SBA to Expand Access to Capital for Small Businesses

March 16, 2009 -- WASHINGTON, DC – Today, as part of an effort Treasury Secretary Geithner first outlined in introducing the Financial Stability Plan (FSP) in February, President Obama and Secretary Geithner will announce plans to take immediate action to help ensure that credit gets flowing again to entrepreneurs and business owners.    » read more »

March 16, 2009 -- "The Obama Administration firmly believes that economic recovery will be driven in large part by America's small businesses, which have generated about 70 percent of net new jobs annually over the past decade. But as the flow of credit has dried up during this recession, small business owners who were prudent and responsible have been set back by the behavior of others in our financial system who were not.    » read more »

Broad Array of National, State Groups Support Financial Product Safety Commission Bill

March 10, 2009 -- More than fifty diverse organizations supported legislation introduced today by key Members of Congress to create a new federal agency to ensure the safety, fairness and sustainability of credit and payment products. The legislation would create a new Financial Products Safety Commission to ensure that credit and payment products do not have predatory or deceptive features that can harm consumers or lock them into unaffordable loans.    » read more »