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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

CFPB Issues Record $100 Million Fine on Wells Fargo For "Beyond Outrageous" Sales Practices

On September 8 the CFPB announced a record $100 million civil penalty plus consumer restitution against Wells Fargo, among the  nation’s largest banks, for a series of unfair and abusive sales practices by “thousands” of employees that included opening “secret” accounts for “hundreds of thousands” of existing customers, solely to meet sales goals to receive financial incentives. The CFPB action was joined by simultaneous orders announced by the U.S. Office of the Comptroller of the Currency (OCC) ($35 million civil penalty) and the City of Los Angeles ($50 million civil penalty). Our statement follows.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Report: Analysis of Payday Complaints Reveals Need for Stronger Federal Protections

Consumer complaints about payday loans to the Consumer Financial Protection Bureau (CFPB) show a critical need for strengthening the agency’s proposed rule to rein in payday loans and other high-cost lending, according to a report released today by the U.S. PIRG Education Fund.

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News Release | NHPIRG | Democracy

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes

 With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections –  NHPIRG and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

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News Release | NHPIRG | Financial Reform

NHPIRG Joined by Former Chair of NH House Commerce and Consumer Affairs Committee And Americans for Financial Reform CFPB Task Force Coordinator,

The President nominated Rich Cordray, a highly respected former Attorney General from Ohio, to direct the Consumer Financial Protection Bureau, and the nomination requires Congressional approval.  Cordray was endorsed by thirty-seven  Attorneys General in a bi-partisan effort to move this nomination forward, including the Republican AG from his home state of Ohio and our own Michael Delany.

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News Release | NHPIRG | Budget

Representative Jeff Flake Introduces REAPS Act

Statement of NHPIRG Federal Legislative Office Director Gary Kalman on the introduction of the Reducing the Deficit through Eliminating Agriculture Direct Payment Subsidies Act:

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News Release | Budget

House Committee Approves Cut to Agriculture Subsidies

Statement of NHPIRG Public Health Advocate Elizabeth Hitchcock on the House Appropriations Committee’s vote to approve an amendment to the 2012 Agriculture appropriations bill  to limit agriculture subsidies called direct payments to farmers with adjusted gross incomes lower than $250,000. Every year, billions of taxpayer dollars are directed toward agribusiness -- artificially driving down the cost of fats and sugars by subsidizing commodity crops like corn and soybeans. Meanwhile, the prices of fruits and vegetables, grown with relatively little government support, have steadily increased by nearly 40% in the past 20 years.

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