Reining in Wall Street Updates

This week, the IRS has admitted that thieves accessed the personal information -- enough to allow them to take your tax refund -- of an additional 220,000 taxpayers, on top of the 114,000 reported in May. Meanwhile, we remain  concerned that Congress will use continued publicity about the Target breach and other breaches as an excuse to pass dangerous data security legislation. Dangerous? Yes, because it would only protect against limited financial identity theft harms, but eliminate stronger state protections against the harms posed by the IRS breach, the health insurance breaches and the OPM breach.

UPDATED: REINS Approved, near party line vote. Today, the House Financial Services Committee takes up a package of smaller rollback bills, many of which are opposed by Americans for Financial Reform and the PIRGs. Meanwhile, the House will bring up the Godzilla of all anti-health and safety bills, the REINS Act. Fortunately, the President has promised a veto.

News Release | U.S. PIRG | Consumer Protection

Over 7,000 Comments Submitted to Department of Labor

Every year, over $17 billion is lost from retirement savings to fees and charges, according to the Council of Economic Advisors. Today, we submitted over 7,000 PIRG member comments urging the U.S. Department of Labor to finalize a strong rule requiring retirement advisors to put the interests of their customers first. We also submitted a detailed expert comment of our own in the important "conflicted advice" rulemaking.

The CFPB is 4 years old and has a lot to show for it!

By | Ed Mierzwinski
Consumer Program Director

Tuesday, July 21, marks four years to the day since the Consumer Financial Protection Bureau opened its doors to protect consumers and make financial markets work. We've summarized some of the ways CFPB works for you on a new web page.

How the CFPB’s Data Keeps Getting Better and Better

By | Mike Litt
Consumer Program Advocate

As the CFPB turns 4 years old on July 21, here is some information on how it works for you and how we at PIRG use its data to produce reports, such as our new report on mortgage complaints to the CFPB. We've also got some photos from the Americans for Financial Reform "CFPB at 4" event.

Report | US PIRG Education Fund | Consumer Protection

Mortgages and Mortgage Complaints

Our sixth report analyzing complaints in the CFPB's Public Consumer Complaint Database evaluates mortgage complaints, the number one source of complaints to the CFPB, totaling 38% of nearly 500,000 complaints posted since 2011.

News Release | US PIRG Education Fund | Consumer Protection

New Report: Mortgage Problems Rank #1 at CFPB for Consumer Complaints

Mortgage problems were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the U.S. PIRG Education Fund. The report also found that Bank of America was the most complained about company in 45 states and Washington, D.C. for mortgage problems.It's the sixth in a series of our reports analyzing nearly 500,000 complaints posted to the CFPB's Public Consumer Complaint Database.

News Release | U.S. PIRG | Consumer Protection

We Commend CFPB For Adding Consumer Stories To Public Complaint Database

Yesterday, the CFPB published the first batch (7,700) of consumer narratives or stories to the Public Consumer Complaint Database it began in 2011. We've used the database to publish five reports (so far) analyzing complaint trends in markets ranging from credit cards to student loans but we have also long urged the voluntary addition of stories to the data fields. Now, consumers can learn if what happened to them happened to anyone else. Now, researchers can track which banks are more responsive to particular problems and which ignore their customers. A good resource is now an excellent resource.

Today, the House Appropriations Committee, at the behest of both Wall Street and predatory lenders seeking to run amok, will vote to eliminate the CFPB's independence from the politicized appropriations process. Meanwhile, over at the CFPB, important work to protect consumers, including servicemembers, from unfair and predatory financial practices continues.

Data Breach Here, Data Breach There, Data Breach Everywhere!

By | Ed Mierzwinski
Consumer Program Director

UPDATED 10 June Re DHS Breach: If you shop with plastic, have health insurance, pay taxes, work for the federal government, or (fill in blank) you’re at risk of a data breach. And with so much information about you already available on the Internet, it’s best not to select easy-search security questions like “Where were you born?” or answers like “Pizza.” What’s your best defense against identity theft? No, it isn’t credit monitoring, it’s a security freeze.

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