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Inside Washington (05/18/2010)
* WASHINGTON (5/19/10)--The Treasury Department’s Community Development Financial Institutions (CDFI) Fund released the names of five organizations that will receive grants under the first round of the Financial Education and Counseling Pilot Program. The grants, totaling $2 million, will provide organizations with financial assistance to establish and expand financial education and counseling services for prospective homebuyers. The recipients are: Boulder County Housing Authority, Boulder, Colo.; Consumer Credit Counseling Service of WNC, Asheville, N.C.; Mission Economic Development Agency, San Francisco; New Hampshire Housing Finance Authority, Bedford, N.H.; and Resources for Residents and Communities of Georgia Inc., Atlanta. Each will receive $400,000 ... * WASHINGTON (5/19/10)--The Senate approved a proposal by Sen. Mark Udall (D-Colo.) that requires credit reports to include a numerical credit score, which ranges from 300 to 850. Obtaining a score from major credit reporting bureaus usually costs up to $15.95 for each score, said The New York Times (May 17). Udall said the measure will empower consumers and increase financial literacy. The Senate also approved an amendment to ease restrictions on investors who provide start-up capital to small businesses that do not have access to traditional financing. Other approved amendments include a measure by Sen. John D. Rockefeller IV (D-W.Va.) that would preserve the Federal Trade Commission’s authority to enforce consumer protection laws and require the commission to work with a new consumer financial protection bureau, and another measure to prevent federal money from being used by the International Monetary Fund to bail out foreign governments. Senate Majority Leader Harry Reid (D-Nev.) said he aims to finish the financial regulatory reform legislation this week ...


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