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Blog Post | Financial Reform

Well, Well, Wells Fargo! Poster Child for Defending CFPB, Dodd-Frank. | Ed Mierzwinski

As the big Wall Street banks, payday lenders and other opponents of consumer protection intensify pressure on Congress to weaken financial reform and gut the CFPB like a fish, numerous reports of further Wells Fargo malfeasance serve as a warning that the Consumer Financial Protection Bureau and the rest of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act are needed more than ever.

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Blog Post | Financial Reform

CFPB Finds So-Called Overdraft Protection Costs Some $450/Year | Ed Mierzwinski

This week, the Consumer Financial Protection Bureau (CFPB) rolled out draft "Know Before You Owe" disclosures for banks marketing so-called "Standard Overdraft Protection," a controversial product that requires consumers to "opt-in" for the "privilege" of overdrafting debit and ATM transactions for a so-called convenience fee averaging $34. It also  released a study that finds that at-risk consumers who opt-in pay $450/year more in fees than other at-risk consumers.

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News Release | U.S. PIRG | Public Health, Health Care

Our Statement on the Failure of the US Senate Health Care Bill

American consumers can breathe a sigh of relief today. The legislation that was narrowly defeated in the US Senate last night threatened to spark chaos in health insurance markets, raise costs, degrade quality of care, weaken protections for people with pre-existing conditions, and cause millions of Americans to lose health coverage.

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Blog Post | Financial Reform

It Makes No Sense to Eliminate Successful CFPB, Weaken Wall Street Reforms | Ed Mierzwinski

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

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Blog Post | Financial Reform

Telco, Cable Guys Assault State Broadband Privacy Efforts, Sacramento Key Battleground | Ed Mierzwinski

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

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News Release | U.S. PIRG | Consumer Protection

Over 7,000 Comments Submitted to Department of Labor

Every year, over $17 billion is lost from retirement savings to fees and charges, according to the Council of Economic Advisors. Today, we submitted over 7,000 PIRG member comments urging the U.S. Department of Labor to finalize a strong rule requiring retirement advisors to put the interests of their customers first. We also submitted a detailed expert comment of our own in the important "conflicted advice" rulemaking.

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News Release | US PIRG Education Fund | Consumer Protection

Top 10 List: How the CFPB Works for Consumers

The Consumer Financial Protection Bureau (CFPB) turns 4 on July 21st. To celebrate and increase public awareness of the agency, U.S. PIRG Education Fund released a new webpage, “Meet the CFPB: Just Ten of the Ways It Works for You.

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News Release | US PIRG Education Fund | Consumer Protection

New Report: Mortgage Problems Rank #1 at CFPB for Consumer Complaints

Mortgage problems were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the U.S. PIRG Education Fund. The report also found that Bank of America was the most complained about company in 45 states and Washington, D.C. for mortgage problems.It's the sixth in a series of our reports analyzing nearly 500,000 complaints posted to the CFPB's Public Consumer Complaint Database.

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News Release | U.S. PIRG | Consumer Protection

We Commend CFPB For Adding Consumer Stories To Public Complaint Database

Yesterday, the CFPB published the first batch (7,700) of consumer narratives or stories to the Public Consumer Complaint Database it began in 2011. We've used the database to publish five reports (so far) analyzing complaint trends in markets ranging from credit cards to student loans but we have also long urged the voluntary addition of stories to the data fields. Now, consumers can learn if what happened to them happened to anyone else. Now, researchers can track which banks are more responsive to particular problems and which ignore their customers. A good resource is now an excellent resource.

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How Companies Turn Your Facebook Activity Into a Credit Score

This story in The Nation explains our work challenging the way data brokers use "black box," or secret, algorithms to make scoring decisions that may violate the law and deny credit opportunities. This work was also the subject of our recent livestream event featuring Professor Frank Pasquale and his new book, "The Black Box Society." We've now posted an archive of that event, in 3 chapters on our Youtube page.

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Report | Georgia PIRG Education Fund | Health Care

Turning Medicine Into Snake Oil

False and misleading prescription drug advertising is common and dangerous. Prescription drug marketers are inundating doctors, and to a lesser extent, the public, with marketing that misrepresents risks, promotes unproven uses, and makes unsubstantiated claims. The false and misleading messages are communicated through conventional advertising, sales representatives, doctors speaking on behalf of drug marketers, and through clinical trial suppression, manipulation and misrepresentation. Sadly, the Food and Drug Administration (FDA) is ineffective at addressing the problems.

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Report | Georgia PIRG Education Fund | Consumer Protection

Trouble in Toyland

Toys are safer than ever before, thanks to decades of work by product safety advocates and parents and the leadership of Congress, state legislatures and the Consumer Product Safety Commission (CPSC). Nevertheless, as parents venture into crowded malls and browse for the perfect toy on the Internet this holiday season, they should remain vigilant about often hidden hazards posed by toys on store shelves.

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Report | Georgia PIRG Education Fund | Consumer Protection

The Right Start

A child’s first few years are an exciting time for parents who hope, if for nothing else, that their child starts his or her life happy and healthy. 

Unfortunately, not all products marketed for children and babies are completely safe for their use. Many contain toxic chemicals that may have detrimental health impacts for children exposed during critical stages of development.

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Report | Georgia PIRG Education Fund | Consumer Protection

Mistakes Do Happen

The most valuable thing we have is our good name. The most common reflection of our reputation as a trustworthy consumer is our credit report. Unfortunately, the information contained in our credit reports, which are bought and sold daily to nearly anyone who requests and pays for them, does not always tell a true story.

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Report | Georgia PIRG Education Fund | Consumer Protection

Deflate Your Rate

At the end of the year 2000, U.S. households were accruing interest on $574 billion of revolving credit card debt, or debt carried over to the next month rather than paid off entirely. The average household with a credit card balance carried revolving debt of nearly $10,000. A household making the minimum payments—commonly only two percent of the unpaid balance or $20, whichever is greater—on this debt would pay nearly $1,500 in interest just in the first year. Nationally, consumers pay interest of more than $87 billion annually on this revolving debt.

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Blog Post | Consumer Protection

Hill Threats to CFPB Escalate As CFPB Protects Consumers, Servicemembers | Ed Mierzwinski

Today, the House Appropriations Committee, at the behest of both Wall Street and predatory lenders seeking to run amok, will vote to eliminate the CFPB's independence from the politicized appropriations process. Meanwhile, over at the CFPB, important work to protect consumers, including servicemembers, from unfair and predatory financial practices continues.

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Blog Post | Consumer Protection

Data Breach Here, Data Breach There, Data Breach Everywhere! | Ed Mierzwinski

UPDATED 10 June Re DHS Breach: If you shop with plastic, have health insurance, pay taxes, work for the federal government, or (fill in blank) you’re at risk of a data breach. And with so much information about you already available on the Internet, it’s best not to select easy-search security questions like “Where were you born?” or answers like “Pizza.” What’s your best defense against identity theft? No, it isn’t credit monitoring, it’s a security freeze.

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Blog Post | Consumer Protection

Event 5/11 re new book on black box decisionmaking & consumers | Ed Mierzwinski

UPDATED TO CONFIRM CFPB Speaker. We are hosting an event Monday, 5/11, from 9am-noon ET to discuss a new book, The Black Box Society, with author Frank Pasquale. Click Keep Reading to RSVP to attend in person or to watch the livestream. While credit bureaus have long functioned as black box gatekeepers to opportunity, panelists will discuss the growing use of more and more, even less transparent black boxes to categorize consumers in the digital economy.

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Blog Post | Consumer Protection

U.S. House Considers Delay To Financial Protections for Servicemembers, Veterans | Ed Mierzwinski

(UPDATED 30 April): Last year the Department of Defense proposed needed improvements to the 2007 Military Lending Act, since high-cost lenders were exploiting loopholes to evade the law's 36% APR cap on loans to servicemembers to make loans at 400% APR or more, harming military families and threatening unit preparedness to defend the nation. Now, days before a committee vote, predatory lenders have succeeded in convincing House Armed Services Committee leaders to insert language into the National Defense Authorization Act that would delay the DoD regulations up to a year while needless, redundant studies are prepared. Only in Washington.

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Blog Post | Consumer Protection

CFPB Begins Payday Regulation Push In Richmond | Ed Mierzwinski

We joined the CFPB in Richmond Thursday for a field hearing on a proposed rule to regulate payday lending and similar high-cost short-term loans. The CFPB's draft rule is comprehensive, covering a variety of loans, but it contains potential loopholes that we and other advocates will urge the bureau to close before it finalizes this important effort. Here's a short blog with some photos from Richmond.

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