Consumer Groups Set Legislative Agenda

WASHINGTON – A broad coalition of consumer groups under the umbrella of the Consumer Federation of America set its sites yesterday on reform of credit card pricing, payday loans, military credit, check-cashing laws and check holding laws among their top priorities during the next Congress. The group appeared buoyed by the prospects of a Democratic-controlled Congress as it prepares its lobbying plans for the 100th Congress. “The CFA feels there will be more opportunities for positive legislative initiatives and that they will spend less time defending against legislation that they disagree with,” said Mark Wolff, chief spokesman for CUNA, which has a permanent seat on the CFA board. The priority list was voted by the board Wednesday, as the CFA begins its annual Financial Services Conference. Travis Plunkitt, chief lobbyist for the CFA, said they are enthusiastic about the new leadership in the Senate Banking Committee and House Financial Services Committee, who share some of the same goals on issues like bans on some credit card charges; reducing check-holding times in light of the Check 21 law; and barring some predatory mortgage practices. Massachusetts Congressman Barney Frank, who is expected to be the new chairman of the Financial Services Committee, is scheduled to discuss his priorities for the next Congress this morning at the conference.