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Blog Post | Financial Reform

Financial Choice Act: A Cruel Choice for the CFPB & Consumers | Ed Mierzwinski

UPDATED 4/25 with link to our letter to Congress. This week, on Wednesday 4/26, the House FInancial Services Committee holds a hearing on Chairman Jeb Hensarling's Financial Choice Act 2.0. It's a brutal un-do of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that forgets, or ignores, the historical fact that reckless bank practices abetted by loose regulators wrecked our economy in 2008. A key goal of the proposal is to weaken the successful CFPB into an unrecognizable husk incapable of protecting consumers.

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News Release | U.S. PIRG | Financial Reform

New report shows victims of aggressive tactics from medical debt collectors

A new U.S. PIRG Education Fund Report documents consumer complaints to the Consumer Financial Protection Bureau about medical debt. Most complaints are about debt never owed, already paid, or not verified as the consumer's debt. The report demonstrates the ongong need to defend CFPB from speical-interest attacks.

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Report | U.S. PIRG Education Fund | Financial Reform

Medical Debt Malpractice

Millions of Americans are contacted by debt collectors every year over debt related to medical expenses. "Medical Debt Malpractice" is the latest (9th) in our series based on analysis of complaints in the Consumer Financial Protection Bureau's public complaint database. The report demonstrates that the CFPB is a critical agency protecting consumers against unfair financial practices and needs to be defended against special interest attacks.

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News Release | U.S. PIRG | Public Health

KFC To Eliminate Use of Medically Important Antibiotics from Chicken Supply

The growing ranks of global health experts who have been alarmed by the rise in antibiotic-resistant “superbugs” have an unlikely new hero: KFC, the fried chicken giant. Today, KFC announced it will eliminate the use of antibiotics considered important to human medicine in its chicken supply for U.S. locations by the end of 2018.

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Blog Post | Financial Reform

If the CFPB Is Weakened, Won’t the Credit Bureaus Run Amok (Again?) | Ed Mierzwinski

The CFPB is doing incredible work defending consumers. You may not know how much of that work involves cleaning up the sloppy credit bureaus. Congressional and special interest attacks on the CFPB will slow all or stop all CFPB work. It will let the bureaus run amok, again, placing your credit score and financial opportunity and job prospects at risk.

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News Release | Georgia PIRG | Consumer Protection

SENATE CONFIRMS CFPB DIRECTOR CORDRAY

Statement of Laura Murray, Georgia PIRG Program Associate, on the Senate Confirmation of Richard Cordray to Full Term as Consumer Financial Protection Bureau (CFPB) Director:

"Yesterday’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago. Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason: The CFPB has been enforcing critical consumer protection laws, and already forced Capital One to return $140 million in unfair credit card fees to consumers.

Yesterday the Senate took a 71-29 Senate vote (60 votes needed) to end a possible filibuster, and Director Cordray was confirmed on a 66-34 (51 votes needed) vote."

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News Release | Georgia PIRG | Higher Ed

Interest Rates for 228,887 Student Loan Borrowers in Georgia Set to Double on July 1

Unless Congress acts, on July 1, the interest rate for 228,887 student loan borrowers in Georgia will double from 3.4 percent to 6.8 percent. According to an issue brief released today by Georgia PIRG, the rate increase translates into $880 more debt per student, per loan.

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News Release | Georgia PIRG | Tax

Offshore Tax Havens Cost Average Georgia Taxpayer $712 a Year, Georgia Small Business $1,963

ATLANTA, April 4 – With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. Georgia PIRG released a new study today which revealed that the average Georgia taxpayer in 2012 would have to shoulder an extra $712 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

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State government ethics a work in (sort of) progress

As lawmakers continue debating ethics and transparency in Georgia government, with the hourglass emptying fast on the 2013 session, yet another independent nonprofit think tank has given the state a less than encouraging grade.

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News Release | Georgia PIRG Education Fund | Consumer Protection

New Report: Georgia Receives a "C+" in Annual Report on Transparency of Government Spending

ATLANTA, March 26 – Georgia received a “C+” when it comes to government spending transparency, according to “Following the Money 2013: How the States Rank on Providing Online Access to Government Spending Data,” the fourth annual report of its kind by the Georgia PIRG Education Fund.

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Blog Post | Financial Reform

House Floor Vote on Budget Delayed over Special Interest "Riders" From Wall Street, Other Powerful Interests | Ed Mierzwinski

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

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Blog Post | Consumer Protection

The CFPB at Three: A Child Prodigy | Ed Mierzwinski

The Consumer Financial Protection Bureau (CFPB) turned just three years old Monday, July 21st, but when you look at its massive and compelling body of work, you must wonder: Are watchdog years like plain old dog years? Is the CFPB now a full-sized, 21-year-old adult? The answer is no, not yet. The CFPB is still growing and developing and adding programs and projects. The CFPB is, however, at three years old, certainly a child prodigy. Despite overwhelming public support, however, powerful special interests continue to attack it. Yet, the idea of the CFPB needs no defense, only more defenders.

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Blog Post | Food

Meat Industry Admits: We Need Food Safety Inspectors

We’ve already written about the impact that sequestration’s across-the-board cuts will have on food safety. Now the meat industry itself chimes in.

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Blog Post | Food

Dangers on Our Dinner Tables

Sequestration’s across-the-board approach to cuts would reduce the USDA’s Food Safety and Inspection Service budget by 8.2 percent, or $86 million. According to a White House OMB report released in September 2012,  with this significant cut the USDA’s efforts to “inspect food processing plants and prevent foodborne illnesses would be curtailed.”

This is bad news for consumers. The food inspection program is our first line of defense against contaminated food.

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Blog Post | Tax

Tis the season! For taxes, that is.

 

My W-2 just came in the mail, my bank is sending me reminders to download my 1099, and my TV is full of kindly tax service professionals who assure me that they’re there to help. This weekend I’ll sit down at the kitchen table with a pile of forms and a checkbook, and I’ll pay my taxes. It’s not glamorous, but it’s something we all do.

Well, almost all of us.

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Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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