Ed's Blog

Time to break up the big banks?

Thursday, March 28, 2013

Consumer Program Director

"Too big to fail, too big to jail." For far too long, that's been the government's attitude toward Wall Street banks. Regulators refuse to hold banks accountable both out of fear of Wall Street's political clout and also a misplaced perception that real enforcement might hurt the economy, even though a lack of enforcement recently wrecked it. But things are changing.

Consumer Protection

Senators Hold CFPB Director Hostage, Roil Markets

Wednesday, February 6, 2013

By | Ed Mierzwinski

Consumer Program Director

On Friday, most Senate Republicans again sent the President a letter saying they would not confirm Richard Cordray to a full term as CFPB director unless the agency's powers and independence were first gutted. Their intransigence contributes to market uncertainty that ignores at least three things: The CFPB is here to stay; the public wants the CFPB; and, banks lose to payday lenders if the director is not confirmed.

Consumer Protection

Will Consumers Face Credit Card Surcharges? No.

Saturday, February 2, 2013

By | Ed Mierzwinski

Consumer Program Director

On behalf of the big banks, the credit card companies Visa and Mastercard charge unfair fees to merchants. Some are speculating that as a result of a court settlement over these "swipe fees" that consumers will end up paying more when they make a credit card purchase. We don't think surcharging will spread. Here's why.

Consumer Protection

Current and former Fed officials urge greater efforts against risky big bank practices

Monday, January 21, 2013

By | Ed Mierzwinski

Consumer Program Director

In the past week, two leading Fed officials issued stark warnings against risky practices of the big banks and called for greater oversight. Both Professor Alan Blinder, a former vice-chair of the Federal Reserve, and Richard Fisher, the current Dallas Fed president, called for solutions that match U.S. PIRG's reform platform.