Updates

News Release | U.S. PIRG | Higher Ed

New Financial Aid Shopping Sheet Helps Students Know Before They Owe

“The good news today is that students have another tool to help keep skyrocketing student loan debt in check.  

“College students need to understand how much college costs and how much they will owe after graduation.  However, financial aid award letters often make it hard for students to answer these questions. 

Everyone is Hopping Mad About the Farm Bill

By | Nasima Hossain
Public Health Advocate

Earlier this month, the House Agricultural Committee passed its version of the Farm Bill with a 35-11 vote.  It was greatly anticipated, as the country needs a fair and common sense bill that cut wasteful spending. In years past, the Farm Bill has given out tens of billions in taxpayer dollars to large, mature agribusinesses, and subsidized commodity crops that are often processed into the junk food ingredients fueling the obesity epidemic. 

For its own first birthday, CFPB sends gifts to consumers

By | Ed Mierzwinski
Consumer Program Director

Tomorrow, Saturday, July 21, the Consumer Financial Protection Bureau turns one year old. To celebrate its own birthday, the CFPB sent consumers some gifts this week.

Corporate crime wave! Do any big banks make money by earning it?

By | Ed Mierzwinski
Consumer Program Director

The CFPB/OCC settlement with Capital One for deceiving credit card customers into purchasing junky ripoff add-ons comes hard on the heels of revelations that other banks have been caught or are being investigated for LIBOR bid rigging, mortgage discrimination and aiding money launderers. Do any big banks earn money by offering innovative, fair and sustainable products anymore?

(UPDATED): The CFPB, which turns one on Saturday, is coming of age with the announcement of its first enforcement action, against Capital One Bank, for deceptive marketing of junky payment protection and credit monitoring products to cardholders. Capital One will pay over $200 million in direct restitution and civil penalties.

Why Are We Still Waiting for Food Safety Rules?

By | Nasima Hossain
Public Health Advocate

Recently we have all seen or heard about the food scares that have transpired from eating egg salad, spinach and cantaloupe. In fact, the cantaloupe foodborne illness outbreak was one of the worst the U.S. has seen in over 25 years. This Listeria outbreak linked to Colorado grown cantaloupes led to over 29 deaths, with over 139 people infected across 28 states.

CFPB Issues Rule Regulating Big Credit Bureaus

By | Ed Mierzwinski
Consumer Program Director

Today, as expected, the CFPB announced its first "larger participants" rule, giving itself the authority to supervise, or look inside the mysterious "black box" operations, of the biggest credit bureaus. This is a really big deal for consumers who've suffered through the mistakes made by these gatekeepers to financial and employment opportunity.

A reported $5 billion settlement over anti-competitive practices by Visa and Mastercard that raise prices for all consumers at the store and at the pump will allow merchants to surcharge credit card transactions in some circumstances. But the convenience stores oppose the settlement as too weak to protect them.

The CFPB travels to Detroit Monday, July 16th, for a field hearing on credit reporting. It seems like a fine opportunity to announce a final anticipated rule giving it full authority -"guns, lots of guns" - to look inside the black box operations of Trans Union, Equifax and Experian-- the Big Three self-anointed and little-scrutinized gatekeepers to financial and employment opportunity despite their long record of mistakes and failure to give consumers a chance to fix them.

A Bloomberg columnist is reporting that the securities industry's self-regulator FINRA has fired 3 arbitrators who ruled against BofA's Merrill Lynch in favor of a presumably grievously ripped-off investor (they rarely win). It's time for both the SEC, for investors, and the CFPB, for consumers, to step up and use their Wall Street Reform and Consumer Protection Act powers to ban forced arbitration.

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