Consumer Protection

This New Year, Celebrate the CFPB

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

This month, we published our 8th report based on analyzing consumer complaints collected in the CFPB's Public Consumer Complaint Database. The release of "Big Banks, Big Overdraft Fees" provides a good year-end opportunity to summarize a few of the reasons to be thankful for the Consumer Financial Protection Bureau, which took over in July 2011 as the first federal regulator with just one job: protecting consumers from unfair financial practices. The idea of the CFPB needs no defense, only more defenders.

Statement on Procter & Gamble’s New Preservative Tracker in Personal Care Products

Personal care product giant Procter & Gamble (P&G) recently unveiled a new preservative tracker, which lets consumers know which preservatives are included in various categories of P&G’s products, such as baby wipes, skin care, and hair care products. Consumers can search the tracker by ingredient or by product type.

Report | PennPIRG Education Fund | Consumer Protection

Big Banks, Big Overdraft Fees

An analysis of new government data by PennPIRG Education Fund found that big banks made $8.4 Billion in overdraft fee income in the first three quarters of 2016, up nearly 4% from the same period in 2015. Since the beginning of 2015, all banks greater than $1 Billion in assets have been required to report fee data quarterly and are included in the study. Pennsylvania-based bank ACNB ranked second-highest in the nation in overdraft fee revenue-per-customer.

News Release | Consumer Protection

Yahoo Data Breach Presents Opportunity for Strong Response

Statement by Mike Litt at the U.S. PIRG Education Fund, on the latest announced Yahoo data breach.

Beat High Bank Fees

Banks rely on consumer indifference when they raise fees. They count on consumers not shopping around. PIRG’s Big Banks, Bigger Fees reports routinely find that small banks and credit unions are not following the big banks’ lead; they still offer many free or low cost accounts.

News Release | U.S. PIRG | Consumer Protection

Consumer Advocates Concerned By Court Ruling Overturning Ban on High-Powered Magnets

We've joined leading consumer and pediatrician organizations in a joint news release with a sharp critique of a U.S. appellate court decision overturning a U.S. Consumer Product Safety Commission ban on the sale of high-powered small magnets (some as small as BBs) that pose a severe ingestion problem for children and youth. As our Trouble In Toyland report released on November 22 pointed out: "Nearly 80 percent of high-powered magnet ingestions require invasive medical intervention, either through an endoscopy, surgery, or both. In comparison, only 10 to 20 percent of other foreign body ingestions require endoscopic intervention and almost none require surgery."

Report | PennPIRG Education Fund | Public Health, Consumer Protection

TROUBLE IN TOYLAND 2016

For over 30 years, U.S. PIRG Education Fund has conducted an annual survey of toy safety, which has led to over 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children.

Addicted to Hand Sanitizer: A Wells Fargo Scandal Update

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

More questions continue to be raised about the Wells Fargo scandal. When did it really start- 2013, 2011 or 2005? What did execs know and when did they know it? How many frontline employees were fired because they complained as whistleblowers? Does setting up a fake account constitute criminal identity theft? Should deposed chairman and CEO John Stumpf go to jail? If the culture was pure, how did a frontline worker get "addicted to (drinking) hand sanitizer? Should he pay back more bonus compensation? Here's a flyaround of some of what's going on. By the way, did you know that even the Better Business Bureau has thrown Wells out?

Consumer Financial Protection Bureau: By the numbers

By | Kathryn Lee
Digital Campaigner

The Consumer Financial Protection Bureau released a breakdown of their successes they’ve had in the short five-year period they’ve been established. We're very proud to have been a part of building it and defending it; we're also very proud of the many achievements the youthful CFPB has made to make the financial marketplace fairer for consumers.

Will Wells Fargo CEO Tell Senate "No Clawbacks" of Exec's Golden Parachute?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Wells Fargo CEO John Stumpf goes before the Senate Banking Committee Tuesday (9/20) to explain the recent $185 million in combined civil penalties by the CFPB and other regulators over a sales goals incentive scandal that led to employees opening some 2 million fake, secret accounts without the knowledge of customers. How will he respond to the growing public clamor for a clawback of bonuses paid his top retail executive Carrie Tolstedt, whose retirement with a $125 million golden parachute package had been announced earlier this summer? 

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