Financial Reform

Congress should confirm Lina Khan to the FTC and give FTC more tools

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Yesterday the Senate Commerce Committee held an oversight hearing on strengthening the FTC's tools to protect consumers. Today it held a confirmation hearing for President Biden's nominee to the FTC, Professor Lina Khan. U.S. PIRG supports both. (Photo of sculptor "Michael Lantz's Man Controlling Trade" (outside the FTC) by Steve Fernie, Some Rights Reserved.)

News Release | U.S. PIRG | Financial Reform

PIRGs Join 300+ Groups To Urge Congress To Rescind "Fake Lender Rule"

The state PIRGs and  U.S. PIRG joined 300+ consumer, faith and civil rights groups urging Congress to rescind a "fake lender" midnight regulation, which would allow predatory lending, even in 18 states and the District of Columbia where usury caps protect over 110 million consumers. 

New finance agency leaders taking agencies' heads out of sand on climate change

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Happy to report that after a long period of head-in-the-sand actions by their predecessors, some old and all of the new leaders at financial regulatory agencies see the risks of climate change to the economy and know that investors need to know more about it, too. The climate crisis is real. 

News Release | U.S. PIRG | Financial Reform

Statement: Credit bureaus need to do more than extend free weekly credit reports for another year

Our statement in response to the announcement by the Big Three credit bureaus that they would extend weekly free credit reports for another year in response to the pandemic. They can and  should do much more.

News Release | U.S. PIRG Education Fund | Financial Reform

Study: CFPB complaints shattered records in 2020, exposing how the COVID-19 pandemic battered consumer finances

Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the U.S. PIRG Education Fund.

Bipartisanship Works in State Attorneys General Lawsuits Against Big Tech’s Google and Facebook

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

Dating App Grindr Fined Over $11M By Norwegian Agency and Other BigTech News

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In January, the Norwegian Data Protection Authority fined the dating app Grindr over $11 million for violating its users' privacy. In January 2020, U.S. PIRG and others had asked the FTC to investigate Grindr and other dating and health apps, but the agency has not taken action. In other news: January 2021, our coalition also asked the FTC to investigate the alleged difficulty of cancelling an Amazon Prime membership. Oh, and we've also urged Senate leaders not to give BigTech lobbyists any senior antitrust jobs!

News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

News Release | U.S. PIRG | Financial Reform

FTC Complaint: Ending an Amazon Prime Membership Is a Deceptive, Unlawful Ordeal

U.S. PIRG joins Public Citizen and others urging FTC to investigate cancellation practices at Amazon Prime, based on findings of report by Norwegian Consumer Council.

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