Updates

News Release | U.S. PIRG | Financial Reform

CFPB Finds Higher Debts for Student Loan Borrowers

This week, the Consumer Financial Protection Bureau (CFPB) released two important reports on student loans and student loan debt. U.S. PIRG Higher Education Advocate Chris Lindstrom's news release explains more.

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."

News Release | U.S. PIRG | Financial Reform

US Department of Education Strips Protection for Students at For-Profit Colleges

Today, Education Secretary Betsy DeVos eliminated consumer protections against unfair practices of for-profit schools. Statement by U.S. PIRG Higher Education Director Christine Lindstrom on why this matters.

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

By | Ed Mierzwinski
Consumer Program Director

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.

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

By | Ed Mierzwinski
Consumer Program Director

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.

News Release | Transportation

Groups Sue Trump Admin. for Risking Americans’ Health by Suspending Transportation Clean Air Safeguards

The Trump administration put Americans’ health at risk by abruptly suspending a federal safeguard intended to curb a major source of climate-changing emissions, the pollution from cars and trucks on the national highways, according to a lawsuit filed today. The Natural Resources Defense Council, U.S. PIRG, and the Southern Environmental Law Center on behalf of Clean Air Carolina, are suing the Federal Highway Administration for illegally suspending the clean air standard this year, and are seeking its immediate reinstatement.

News Release | U.S. PIRG | Public Health, Health Care

Our Statement on the Failure of the US Senate Health Care Bill

American consumers can breathe a sigh of relief today. The legislation that was narrowly defeated in the US Senate last night threatened to spark chaos in health insurance markets, raise costs, degrade quality of care, weaken protections for people with pre-existing conditions, and cause millions of Americans to lose health coverage.

News Release | U.S. PIRG | Financial Reform

As CFPB Turns 6 Years Old, PIRG Calls on Senate to Block Wall Street Attacks

Today, the Consumer Financial Protection Bureau turns 6 years old and has a lot to show for it. Because the CFPB is doing such a good job protecting consumers and making the financial marketplace fair, it faces escalating threats from its opponents, including Wall Street. Read our birthday news release and watch our new 2-minute video (we are joined by 98 groups) celebrating the CFPB.

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

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