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Blog Post | Financial Reform

Federal Reserve Questions Administration, Congressional Rollbacks of Wall Street Reform That Threaten CFPB | Ed Mierzwinski

Recently released minutes of the July meeting of the Federal Open Market Committee, comprised of Fed governors and regional Fed Bank presidents, show its concern that Wall Street reform rollbacks proposed by Congress, Treasury Department and the White House could allow "a reemergence of the types of risky practices that contributed to the crisis." Meanwhile, Fed vice-chair Stanley Fisher repeated his warnings that risks from the proposed rollbacks were "mind-boggling."

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Blog Post | Financial Reform

Well, Well, Wells Fargo! Poster Child for Defending CFPB, Dodd-Frank. | Ed Mierzwinski

As the big Wall Street banks, payday lenders and other opponents of consumer protection intensify pressure on Congress to weaken financial reform and gut the CFPB like a fish, numerous reports of further Wells Fargo malfeasance serve as a warning that the Consumer Financial Protection Bureau and the rest of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act are needed more than ever.

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News Release | TexPIRG | Transportation

Dallas City Council set to cancel Trinity Parkway Toll Road

DALLAS—The Dallas city council is expected to vote this week to officially cancel the Trinity parkway project, scheduled to cost $1.5 billion dollars. TexPIRG released the following statement.

“Americans are driving less. Investing $1.5 billion in a road that would neither reduce congestion nor connect people is exactly the type of highway boondoggle that we describe in our report,” said Bay Scoggin, director of the Texas Public Interest Research Group (TexPIRG), referencing a report that you can read here.

“Now more than ever, we need to invest in rapid transit opportunities that connect citizens to the areas that they work and shop, that de-congest our crowded roadways, and that maintain and improve the air we breathe.” 

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Blog Post | Financial Reform

CFPB Finds So-Called Overdraft Protection Costs Some $450/Year | Ed Mierzwinski

This week, the Consumer Financial Protection Bureau (CFPB) rolled out draft "Know Before You Owe" disclosures for banks marketing so-called "Standard Overdraft Protection," a controversial product that requires consumers to "opt-in" for the "privilege" of overdrafting debit and ATM transactions for a so-called convenience fee averaging $34. It also  released a study that finds that at-risk consumers who opt-in pay $450/year more in fees than other at-risk consumers.

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News Release | TexPIRG | Democracy

Governor should stop name calling and start supporting our leaders on ethics

AUSTIN—After the House Committee on General Investigating and Ethics met on new ethics legislation, TexPIRG director Bay Scoggin released the following statement.

"It's simple, if the Governor was serious about ethics reform, he would add it to the special session. Name calling Representatives who take important leadership positions isn't a good way to do business."

"We applaud Chairman Davis and Rep. Larson for being leaders on this issue. Texans deserve the government they were promised: for the people and by the people. It's only by supporting our champions in the Legislature that we will realize that dream once again."

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News Release | TexPIRG | Health Care

TexPIRG Commends Congressman Doggett for Protecting Texas consumers from Crippling Drug Costs

The high cost of prescription drugs has been a perennial concern for Texas consumers. Rising prescription drug costs burden all Texans through rising health insurance premiums, rising costs for businesses, and a growing burden on state and federal budgets. In recent years, a new crop of life-changing yet extraordinarily expensive specialty drugs have come on the market, bringing new urgency to the issue. 

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News Release | TexPIRG | Health Care

TexPIRG Commends Congressman Doggett for Protecting Texas consumers from Crippling Drug Costs

The high cost of prescription drugs has been a perennial concern for Texas consumers. Rising prescription drug costs burden all Texans through rising health insurance premiums, rising costs for businesses, and a growing burden on state and federal budgets. In recent years, a new crop of life-changing yet extraordinarily expensive specialty drugs have come on the market, bringing new urgency to the issue. 

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News Release | TexPIRG | Consumer Protection

30th Annual Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to TexPIRG (Public Interest Research Group) Education Fund’s 30th annual Trouble in Toyland report. The survey of potentially hazardous toys found that, despite recent progress, consumers must still be wary when shopping this holiday season.

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News Release | U.S. PIRG | Public Health

Medical Professionals Call for Action to Save Antibiotics

Nearly six hundred medical and health care professionals from across the nation are calling on major restaurant chains to set strong antibiotics policies that protect public health.

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Blog Post | Consumer Protection

CFPB Begins Payday Regulation Push In Richmond | Ed Mierzwinski

We joined the CFPB in Richmond Thursday for a field hearing on a proposed rule to regulate payday lending and similar high-cost short-term loans. The CFPB's draft rule is comprehensive, covering a variety of loans, but it contains potential loopholes that we and other advocates will urge the bureau to close before it finalizes this important effort. Here's a short blog with some photos from Richmond.

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Blog Post | Public Health

Some Good, Some Bad in Obama Administration Plan to Protect Antibiotics | Sujatha Jahagirdar

Today, the National Task Force for Combatting Resistant Bacteria released a five-year action plan to tackle the growing problem of antibiotic resistance.  While the plan will take several important steps necessary to control the spread of antibiotic-resistant bacteria, it will miss the opportunity to call for critical reforms in the agricultural sector that are essential to protect public health.

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Blog Post | Consumer Protection

CFPB Adds Consumer Stories to Public Complaint Database | Ed Mierzwinski

Today, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

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Blog Post | Financial Reform

As NY Brings Credit Bureaus To Heel, CFPB Arbitration Study Paves Way Toward New Protections | Ed Mierzwinski

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

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Blog Post | Financial Reform

Is Anyone Protecting Your Privacy Or Wallet? Turbotax? Anthem? Apple? The Government? | Ed Mierzwinski

As if recent privacy breaches at the online tax preparer Turbotax and the health insurer Anthem weren't enough, it turns out that low-tech hacks can trick the vaunted Apple Pay system into giving up cash to thieves, too. Meanwhile, while the administration's blueprint for a Privacy Bill of Rights in 2012 was excellent, its new legislative draft from the Department of Commerce could have been written by the U.S. Chamber of Commerce. There is some good news on privacy, though.

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