Federal Legislation | State Legislation
Jan 26, 2010
As 2010 begins, the Alliance for Charitable Reform takes a moment to reflect back upon a busy and productive 2009 and share new initiatives for the year ahead.
Jan 15, 2010
In an article today, the Wall Street Journal reported that Senate Banking Committee Chairman Christopher Dodd (D-CT) may be willing to drop the Consumer Financial Protection Agency (CFPA) from the broader financial regulatory reform legislation, in order to ensure the passage of the broader bill with bipartisan support. Aides close to the negotiations have said that in return, Republicans must agree to create a strong consumer-protection division within another federal agency.
What this means for the nonprofit world is unclear. We will have to pay close attention to the directive and authority given to any new consumer division within the Treasury. ACR has been concerned about the current legislation’s expansive definition of “financial activity” (which would be regulated by the proposed CFPA). This definition could draw in nonprofits because of organization’s fundraising efforts (charitable giving advice/planning/donor instruction) or if the nonprofits include any financial education (no matter how basic), credit counseling, debt management, or tax planning (other than return prep) as part of their programming.
ACR will continue to monitor developments on this legislation and will keep you posted on the latest.
It’s not to late share your (or your grantees’) story on how CFPA may affect your work with Congressional offices. Contact us today(.(JavaScript must be enabled to view this email address))!
Dec 16, 2009
An aticle today on Reason.com sheds light on the impacts of the consumer financial protection legislation (making its way through Congress) on organizations such as the Girl Scouts.
Sandra Swirski, the executive director of ACR, is quoted as saying “We became concerned because financial activity is defined broadly. It could capture a small solicitation at the bottom of a college brochure to alumni, foundation advice to grantees, and other day-to-day garden variety financial information.” ACR’s work on this legislation is highlighted as well.
Read the entire article here.
For more on ACR’s efforts on CFPA, click on the “consumer financial protection” tag (button) below.
Dec 14, 2009
ACR is pleased to report that the charitable giving language that we negotiated with House Financial Services Committee Chairman Frank’s staff and our champions Reps. Ed Perlmutter (D-CO) and Erik Paulsen (R-MN) has been included in Chairman Frank’s Manager’s Amendment to the financial services regulatory reform package. The legislation passed the U.S. House of Representatives on Friday as part of the Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173, by a vote of 223-202.
However, we still need your help as this legislation heads to the Senate.
What can you do? We need to continue engaging senators with clear examples of the vast number of nonprofits that will be significantly impacted by this legislation for offering any type of financial education as part of their programming – including teaching the basics of establishing financial security or holding a budget or check-balancing seminar. As such, we would appreciate any examples that you can send as to how this legislation may affect your organization – particularly if you are using any type of financial education as part of your services - please let Amy Takeuchi on our ACR staff know immediately (.(JavaScript must be enabled to view this email address)). We would like to provide Members of Congress with concrete examples of how this legislation may affect the nonprofit community in our meetings and discussions.
Click ‘continue reading’ for background on the Consumer Financial Protection legislation.
Nov 23, 2009
Following the financial crisis, the Obama Administration and the relevant committees in Congress have proposed sweeping reforms of the financial services regulatory system, including the creation of a new Consumer Financial Protection Agency (CFPA). The CFPA will regulate “consumer protections” relating to financial products, services and activities with potential for new certification/ registration/ examination processes and fees.
The definition of “financial activity” is extremely broad and would potentially subject nonprofits to CFPA authority because of their fundraising efforts or if the nonprofits include any financial education (no matter how basic), credit counseling, debt management of tax planning (other than return prep) as part of their programming.
ACR, along with a growing coalition of interested parties from the charitable community including the Independent Sector, has engaged members of Congress on this issue due to the potential impact upon nonprofits broadly.
If you can offer any examples as to how this proposed legislation may affect your organization – particularly if you are using any type of financial education as part of your services - please let ACR staff know immediately (.(JavaScript must be enabled to view this email address)). We would like to provide Members of Congress with concrete examples of how this legislation may affect the nonprofit community in our meetings and discussions.