Financial Reform

News Release | PennPIRG | Consumer Protection, Financial Reform

431% Surge in PA Student Borrowers Who Have Depended on CFPB For Help With Their Lender, Just As Congress Tries to Eviscerate Agency

This week, the US House Financial Services Committee will hold a Wednesday hearing on the so-called Financial CHOICE Act.  The bill leaves Pennsylvania consumers and our economy even more vulnerable to Wall Street's recklessness than before the '08 crisis by taking aim at all of the 2010 Dodd-Frank Act’s protections caused by unfair bank practices abetted by regulatory failures. In particular, the bill would eviscerate the Consumer Financial Protection Bureau, even as its latest report shows a critical need for the bureau to protect Pennsylvania students. Student loan complaints from Pennsylvania have surged 431 percent from last year at this time to this year.

Financial Choice Act: A Cruel Choice for the CFPB & Consumers

By | Ed Mierzwinski
Consumer Program Director

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.

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

By | Ed Mierzwinski
Consumer Program Director

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.

Report | U.S. PIRG | Financial Reform

Student, Education, and Consumer Groups Defend CFPB To Congress

On February 13, nearly 60 local, state and national student advocacy, professional, consumer, educational, faith and other organizations sent a letter to Congressional leaders expressing "strong support for the crucial work the Consumer Financial Protection Bureau (CFPB) does on behalf of student loan borrowers." The "borrower-focused" letter also urged Congress "to ensure the agency remains well-positioned to solve borrowers’ problems, which includes protecting the Bureau’s single-Director structure and its independent funding, and maintaining Director Richard Cordray until his term ends." (Letter below and attached as pdf).

Reining in Wall Street

Standing up for consumers against reckless banking and financial practices.

News Release | U.S. PIRG | Financial Reform

CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

We join National Consumer Law Center, Americans for Financial Reform and other leading groups in a release commending the appointment of senior Pentagon official Colonel Paul Kantwill (U.S. Army, Retired) to lead the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs. The CFPB plays an important role in protecting servicemembers, veterans and their families from financial predators.

This week, the Consumer Financial Protection Bureau nailed two "big 3" credit bureaus --Trans Union and Equifax -- for deceptive marketing of their over-priced, under-performing credit monitoring subscription products.  Combined fines and consumer restitution total $23 million. I predict that the CFPB will also bring a case against the remaining bureau, Experian, and that it will pay much more, because Experian really has led the way in aggressively marketing these tawdry products. They don't prevent identity theft, nor do they always accurately disclose your credit score, at fees of up to $16.95/month or more. Yikes!

News Release | U.S. PIRG | Financial Reform

Overdrafts continue to hit students hard on campus

Today, the Consumer Financial Protection Bureau (CFPB) released a report shining a spotlight on contracts between banks and colleges to promote debit cards on campus.  Students continue to get hit hard with overdraft fees attached to their campus bank accounts. According to the report, nearly one in ten consumers in the population with student accounts incurred 10 or more  overdrafts per year, paying, on average, $196 in overdraft fees alone. Below is a detailed analysis by US. PIRG's Chris Lindstrom, who championed the protections that the CFPB is reporting on. This report is one more example of why we need a strong CFPB. 

News Release | U.S. PIRG | Financial Reform

Privacy, Consumer Groups Critical of Facial Recognition Report

We've joined leading privacy and consumer advocates in a news release sharply critical of a supposed "best-practices" report released today by the Telecommunications and Information Administration (NTIA) concerning privacy and facial recognition technology. While the report purports to be the product of a "multi-stakeholder" process, all the leading privacy and consumer stakeholders dropped out of the skewed proceedings many months ago, as the release explains. It concludes: "There is much more lacking in these “best practices,” but there is one good thing: this document helps to make the case for why we need to enact laws and regulations to protect our privacy."

News Release | PennPIRG | Consumer Protection, Financial Reform

National Payday Proposal Leaves Pennsylvania Vulnerable

Today, the Consumer Financial Protection Bureau -- the federal government's consumer cop-on-the-beat -- revealed a new proposal to curb payday and car title lending. The new proposal aims to put an end to the worst abuses of these practices across the country. In doing so however, the new proposal could inadvertently undercut our strong state usury and other consumer protection laws in Pennsylvania.

Pages

Subscribe to RSS - Financial Reform

DEFEND THE CFPB

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

Support Us

Your donation supports PennPIRG's work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code