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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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Report | TexPIRG Education Fund | Consumer Protection

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the Consumer Financial Protection Bureau. In this report, we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans.

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Blog Post | Consumer Protection

Good news! CFPB Adding Consumer Ratings of Company Responses to Complaint Database | Ed Mierzwinski

The CFPB is making a good public consumer complaint database better. In 2015, the CFPB added optional consumer narratives, or stories, to its public consumer complaint database, giving other consumers, researchers and even other firms a new way to help study complaint patterns. Now, it will give consumers a chance to “rate the company’s handling of his or her complaint on a one-to-five scale and provide a narrative description in support of the rating.”

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Media Hit | Health Care

Millions of Texans benefiting from health care coverage improvements

As Texas lawmakers on the House Committee on Public Health and the House Committee on Insurance meet to discuss state implementation of the federal Affordable Care Act (ACA) today, a broad coalition of organizations working to implement the legislation are touting several provisions already in effect that are helping Texans gain access to affordable coverage and updating members on the additional benefits health reform will bring in 2014.

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News Release | TexPIRG | Health Care

State Representatives hear benefits of health reform for Texans

As Texas lawmakers on the House Committee on Public Health and the House Committee on Insurance meet to discuss state implementation of the federal Affordable Care Act (ACA) today, a broad coalition of organizations working to implement the legislation are touting several provisions already in effect that are helping Texans gain access to affordable coverage and updating members on the additional benefits health reform will bring in 2014. 

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News Release | TexPIRG | Transportation

HOUSE TRANSPORTATION BILL A STEP BACKWARDS, LACKS SERIOUS FUNDING MECHANISM

America needs serious transportation reform. While the recent Senate transportation bill failed to move the ball forward on needed transportation reform, today’s House bill takes big strides in the wrong direction. And by funding future spending with revenue from increased oil drilling that won’t materialize for several years, it is clear that the House bill is just a political stunt.

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News Release | TexPIRG | Safe Energy

Nuclear Power Plants Threaten Drinking Water for 1.2 Million Texans

AUSTIN – The drinking water for 1.2 million people in Texas could be at risk of radioactive contamination from a leak or accident at a local nuclear power plant, says a new study released today by Environment Texas Research and Policy Center and the Texas Public Interest Research Group (TexPIRG). See map here, key below.

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News Release | TexPIRG | 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 – TexPIRG and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

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Defend the CFPB

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

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