The Leadership Conference on Civil and Human Rights

Credit card companies have responded to the passage of the Credit CARD Act by creating new ways to get around the law and exploit consumers.

President Obama appears to be ramping up his efforts to make substantial reforms to the financial industry largely responsible for the current economic crisis.

Large banks had to be bailed out by the federal government following the collapse of the economy in the fall of 2008 – a move that was very unpopular.  In response to widespread anger at the bailouts, exacerbated by the lavish bonuses that bailed-out banks are paying their employees, Obama announced yesterday that he wanted to limit how big banks can get to prevent them from becoming "too big to fail."

In a landmark settlement announced this week, the National Fair Housing Alliance (NFHA) and its member organizations reached an agreement with A.G. Spanos Companies to increase housing accessibility for people with disabilities.  It is the largest fair housing settlement relating to people with disabilities to date, according to NFHA.

UPDATE:  The House passed the financial reform legislation on December 11.

The House of Representatives is expected to vote this week on financial reform legislation that will address many of the practices and policies that contributed to the recent foreclosure crisis and the current recession.

A critical provision of the legislation will create a new federal agency, the Consumer Financial Protection Agency, which will be responsible for the enforcement of most financial consumer protection laws designed to curb abuse, deception, and discrimination. The new agency will have oversight over mortgages and many other consumer financial services and products, such as credit cards, checking and savings accounts, credit reports/scores, payday loans, residential leases, and wire transfers.

Yesterday, a federal judge ruled in favor of Hurricane Katrina victims who claimed much of the worst flood damage was a result of negligence by the Army Corps of Engineers, an important victory for many of those impacted by the storm. The case was the first to find the government responsible for damages from the storm. 

Lawyers representing the victims argued that the Army Corps not only failed to properly maintain the Mississippi River-Gulf Outlet, a navigation canal that connects New Orleans' inner harbor with the Gulf of Mexico, but actually made matters worse with what actions it did take.  In particular, they argued that the Army Corps' actions were responsible for killing off marshes, eroding the banks, and doubling the channel width, all of which provided a way for the waters from Katrina to flood the city.

The court's ruling may have a significant impact on many people impacted by the storm.  Eighty thousand people lived in the area covered by the ruling, many of whom may be able to join a class action lawsuit based upon the verdict.  The Army Corps has estimated that such cases could lead to up to $500 billion in damages being awarded to people who lost their homes in the storm.