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More on Consumer Protection
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced that financial institutions, such as Wells Fargo, will no longer be allowed to force consumers to use arbitration to settle group disputes. Currently, banks and credit card companies insert arbitration clauses in their contracts to prevent customers from filing class-action lawsuits in the case of wrongdoing. This practice often discourages consumers from filing lawsuits because of the necessary expense of time, money, and effort.
Washington, D.C. – Today, Congressman Brad Sherman, a senior member of the Financial Services Committee, joined Senator Tom Cotton (R-AR) and Congressman Ed Royce (R-CA) in introducing legislation to increase transparency for homeowners who take out loans to make environmentally-focused home improvements.
Legislation Allows Cheated Customers Their Day in Court
Sherman Oaks, CA – Today, Congressman Brad Sherman (D- Sherman Oaks) and Senator Sherrod Brown (D-Ohio) introduced the Justice for Victims of Fraud Act of 2016. The bill will close a Wells Fargo forced arbitration loophole by preventing Wells Fargo from applying its mandatory arbitration clauses to the millions of fake accounts created without customer consent.
Sherman Oaks, CA – Congressman Sherman, Senior Democrat on the Financial Services Committee issued the following statement.
"Stumpf resigning is not enough. It was not just the mistakes of one person that caused massive fraud at Wells Fargo. The big banks in this country are too big to fail, and they are also too big to manage. It’s time to break up the big banks in this country. It’s time to pass the Sanders-Sherman bill.”
Porter Ranch, CA – Yesterday, the Southern California Gas Company (SoCalGas) defied a directive from the L.A. County Department of Public Health by announcing that SoCalGas will not clean homes of residents affected by the natural gas leak in Porter Ranch.
Congressman Sherman, whose home is as close as any to the Porter Ranch leak, took to the floor of the House to condemn the actions of SoCalGas. Watch Here: https://youtu.be/DfT29y1zz1U
October 3, 2013
International Accounting Standards Board
30 Cannon St.
London EC4M 6XH
Financial Accounting Standards Board
File Reference No. 1850-100
401 Merritt 7
PO Box 5116
Norwalk, CT 06856-5116
Re: Comments on Proposed Accounting Standards Revision (Leases, Topic 842)
FASB File Reference No. 2013-270
Dear Board Members and Staff,
Embattled Clippers owner Donald Sterling may be able to write off his critics, but if two state lawmakers have their way, he won't have the same option with the $2.5-million fine imposed on him by the NBA.
Two state Assembly members from Los Angeles filed legislation Tuesday that would prevent sports team owners from writing off league fines as a business expense when they file their state income tax returns.
Sherman Announces How Los Angeles Residents Can Find Out If They Have Unclaimed Tax Refunds. LA County Has $60 Million in Undelivered & Unclaimed Returns. Plus Tips to Avoid to Tax Scams & Fraud
WASHINGTON, DC – Today Congressman Brad Sherman (D-CA) and Senator Bernie Sanders (I-VT) reintroduced the “Too Big to Fail, Too Big to Exist Act,” in the House and Senate respectively. Under the legislation, any institution that is too big to fail will be broken up and reorganized to avoid more government bailouts and future risk to the economy.