Author Archives : Senator Bob Wieckowski

SB 298 will Protect Consumers’ Accounts from Bank Levies


  The recent resignation of Richard Cordray, the head of the federal Consumer Financial Protection Bureau (CFPB), gave President Trump another opportunity to weaken oversight of powerful financial institutions. The president wasted little time in appointing an open critic of the CFPB as its acting director.  This is yet another blow for consumers who can expect little or no help…

No More Perks for Punitive Damages


A bank put a northern California couple through what a U.S. bankruptcy judge called a “Kafkaesque nightmare” that caused them to lose their home and suffer medical problems due to the “brazen and heartless” behavior of bank employees after the family sought a loan modification for their house. A San Bernardino health clinic acted with “malice, fraud and oppression” when…

Bankruptcy Reforms Needed to Help Californians Climb Their Way Out of Debt


New U.S. Census Bureau data show the Bay Area is booming, but rising housing costs and poverty rates are making the recovery a spectator sport for many people trying to pay their bills while eliminating their personal debt.  Incomes have increased, but rents have jumped way more, and owner-occupied housing has dropped in the region.  For most people, it’s hard…

Economic Equity and Financial Stability Initiative


Fueled by a booming Silicon Valley, California’s economy is making tremendous strides since the Great Recession hit in late 2007. However, throughout the state, Californians have witnessed an era of vast income disparity.  Too many individuals and working families have not experienced the wage growth needed to keep up with the cost of living.