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Blog Post | Consumer Protection

Consumer Financial Protection Bureau: By the numbers | Kathryn Lee

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.

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Blog Post | Public Health

Calling for Big Action on Antibiotics in the Big Apple | Steve Blackledge

Last week, we were in New York City, where the United Nations General Assembly spent an entire day discussing antibiotic resistance, “the biggest threat to modern medicine.” Experts estimate that more than 700,000 people worldwide die from antibiotic-resistant infections each year, including 23,000 in the United States—a number that could grow to 10 million globally by 2050.

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News Release | U.S. PIRG | Financial Reform

Consumers Should Demand Security Freezes After Massive Yahoo Breach

In the wake of the recently-announced Yahoo data breach -- apparently the largest security breach ever, exposing the personal information of 500 million consumers -- PIRG offers consumer tips, demands that Yahoo provide free security freezes to affected consumers who could be at risk of "phishing" schemes to commit fraud on existing accounts or open new fraudulent accounts.  We also ask: Why did it take Yahoo two years to notify the public?

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Blog Post | Consumer Protection

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

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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Blog Post | Consumer Protection

Wall Street Ramps Up Attacks on Wall Street Reform | Ed Mierzwinski

On Friday, the House overwhelmingly approved a Wall Street-driven proposal to weaken oversight of private equity firms, taking a chunk out of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. But wait, there's so much more: On Tuesday the House Financial Services Committee takes up the so-called "Financial Choice Act," which eviscerates most of Dodd-Frank's key reforms, from stripping powers of the Financial Stability Oversight Council to repealing the Volcker Rule, which reins in risky betting practices that use depositors' money. As for the CFPB (which just this week issued its biggest fine to date, $100 million against Wells Fargo Bank for opening hundreds of thousands of fake and secret consumer accounts to meet sales goals), the proposal would defund and defang it and delay or stop its efforts to rein in unfair practices of payday lenders, debt collectors and banks. Many of the Financial Choice Act's provisions also pose threats as budget bill "riders."

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News Release | U.S. PIRG | Consumer Protection

PIRGs, Others Ask CFPB & FTC To Investigate Experian/T-Mobile Data Breach

In a letter sent today, a number of state PIRGs and other leading privacy and consumer groups urged the CFPB and FTC to fully investigate the recent breach of an Experian subsidary that exposed 15 million T-Mobile customer and applicant records to the threat of new account identity theft. The letter asked whether the regulators could require Experian and the other two nationwide credit bureaus -- TransUnion and Equifax -- to give victims free security freezes to protect their credit reports.

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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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Blog Post | Consumer Protection, Financial Reform

100+ Groups Oppose Provisions That Threaten Public Protections | Mike Litt

The White House is expected to release its fiscal year 2017 budget proposal tomorrow. U.S. PIRG and various state PIRGs joined a coalition of more than 100 groups that sent the following letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders. 

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Blog Post | Financial Reform

CFPB Criticizes Banks Re Account Opening and Overdrafts, Offers Consumer Tips | Ed Mierzwinski

Today, the CFPB is holding a field hearing in Louisville on problems consumers face when opening bank accounts. It finds that big banks frequently offer consumers expensive accounts where they risk overdraft fees instead of affordable accounts. Further, the CFPB finds that the practices of specialty "bad check" credit bureaus make it harder to open accounts. The CFPB issued warnings to both the banks and credit bureaus while providing consumers with new tips and advice.

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Blog Post | Public Health

Nicely Done, Attorneys General | Steve Blackledge

This month 12 state attorneys general highlighted the importance of state power to regulate toxic chemicals. We thank them for their efforts. 

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Blog Post | Financial Reform

Debating trade and consumer protection in Brussels today | Ed Mierzwinski

I am in Brussels today debating consumer protection and the proposed US-European trade treaty known as the TransAtlantic Trade and Investment Partnership or TTIP. Today's public event, and a second public meeting tomorrow (Wednesday with live webstream 9am-noon DC time) comparing the CFPB to its European counterparts, are sponsored by the PIRG-backed TransAtlantic Consumer Dialogue.

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Blog Post | Public Health, Food

The foundation is crumbling | Bill Wenzel

What was missing from President Obama's visionary plan for medical progress? 

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