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Blog Post | Consumer Protection

CFPB takes first step to eliminate forced arbitration and other consumer news | Ed Mierzwinski

Today the Consumer Financial Protection Bureau took an important first step toward protecting consumers from mandatory arbitration clauses, which are boilerplate sentences in bank account and other contracts that crush consumer legal rights. ... Meanwhile, the New York Times follows up on a lawsuit by the Minnesota Attorney General Lori Swanson against a medical debt collector that blocks and tackles consumers trying to get through hospital emergency room doors. But it gets better. That debt collector just happens to be owned by the same hedge fund that owned a supposedly neutral (not) forced arbitration mill known as NAF and favored by the big credit card companies.   ...  Also today, the World Privacy Forum announced updates to its helpful pages on medical identity theft.

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News Release | U.S. PIRG | Tax

Lobby Effort Disbanded to Create Tax Holiday for Users of Offshore Tax Shelters

Bloomberg and The Hill yesterday reported the disbanding of the lobbying effort to create a tax holiday for profits stashed in offshore tax havens. The “Win America Campaign,” which included corporate giants such as Cisco Systems, Duke Energy, Pfizer and Microsoft, ended its relationship with two of its three lobbying firms in March, according to forms reportedly filed with the U.S. Senate last week.

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News Release | U.S. PIRG | Higher Ed

Romney Endorses Low Interest Rate for Student Loans

Today presidential candidate and Republican Mitt Romney endorsed an extension of the low student loan interest rate for subsidized Stafford student loan borrowers. On July 1, the low 3.4 percent rate will double to 6.8 percent, unless Congress intervenes. Close to 8 million students will be negatively impacted.

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Blog Post | Democracy

Who Owns Big Oil? We Do!

The American Petroleum Institute has a new public image campaign: http://whoownsbigoil.org. The purpose of this website, presumably, is to convince us that if we raise taxes on hugely profitable corporations we will only be hurting ourselves. Why? Because we are all shareholders of those corporations and when they are taxed we suffer.

While I am skeptical of API’s conclusions, it’s right to say we own the oil companies. In fact, shareholders across the country are demanding accountability and disclosure from the corporations that they rightfully own and the effort could be the key to slowing the flow of corporate money in the 2012 election.

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Blog Post | Consumer Protection

CFPB Launches College Cost Tool; Its Investigations of Overdraft Fees and Auto Finance Escalate | Ed Mierzwinski

The Consumer Financial Protection Bureau (CFPB) has announced a "thought starter" beta test version of a tool to make it easier to calculate college debt burdens. "The goal is to give students and their families an easy-to-understand view of how their decisions today impact your debt burden after graduation."  Meanwhile, banks and an auto finance company have confirmed that the CFPB is investigating both the marketing of overdraft protection schemes and the practices of "buy here, pay here" auto dealers.

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