Consumer Protection

CFPB Begins Payday Regulation Push In Richmond

By | Ed Mierzwinski
Consumer Program Director

We joined the CFPB in Richmond Thursday for a field hearing on a proposed rule to regulate payday lending and similar high-cost short-term loans. The CFPB's draft rule is comprehensive, covering a variety of loans, but it contains potential loopholes that we and other advocates will urge the bureau to close before it finalizes this important effort. Here's a short blog with some photos from Richmond.

CFPB Adds Consumer Stories to Public Complaint Database

By | Ed Mierzwinski
Consumer Program Director

Today, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

Today, Consumer Financial Protection Bureau Director Richard Cordray will present the CFPB's sixth semi-annual report to the House Financial Services Committee, whose majority members have been harsh critics of the successful consumer agency. Americans for Financial Reform, joined by the state PIRGs and a total of 340 national, state and local groups, sent Congress a letter explaining why the idea of the CFPB needs no defense, only more defenders.

News Release | U.S. PIRG | Consumer Protection

FCC NET NEUTRALITY ORDER PROTECTS THE OPEN INTERNET

Today the FCC took not one but two critical actions to make sure that the Internet works for everybody. First, it issued a "Net Neutrality" order guaranteeing a free and open Internet. This Internet freedom order will prevent the phone and cable companies from granting fast lanes or other preferences to already powerful firms. The FCC also acted to override state laws that prevented local governments from building out broadband networks to compete with the phone and cable companies.

News Release | U.S. PIRG | Consumer Protection

USPIRG Commends Department of Labor's Rule On Conflicted Retirement Advice

Today, we joined President Obama, Senator Elizabeth Warren, CFPB Director Rich Cordray, Labor Secretary Tom Perez and others at AARP as the President announced his strong support for a proposed Labor Department rule to close loopholes and to require Wall Street and other financial advisors to put consumers first when they give retirement advice. Wall Street has already launched a misleading attack. Read more to see our statement supporting the proposal, which will put billions of dollars back into retirement accounts.

Competition laws also important to protect markets and consumers

By | Ed Mierzwinski
Consumer Program Director

When companies use illegal practices to keep prices high or limit entry of innovative or lower-cost competitors, everyone loses. Learn more about our recent efforts under the antitrust and competition laws to make markets for prescription drugs and payments cards work fairly.

Consumer Brief Supporting NY Attorney General In Alzheimer's Drug Case

In December, a U.S. judge upheld the New York Attorney General's request for an injunction requiring the powerful Big Pharma company Actavis to continue marketing a lower-cost version of its Alzheimer's drug Namenda, instead of using a "product-hopping" scheme to move consumers to a newer but virtually identical version that would enjoy monopoly protection until 2029, making it unlikely that lower-cost generic alternatives could successfully enter the market. We joined other leading groups, including Consumers Union and Public Citizen, in a friend-of-the-court brief to the U.S. Second Circuit Court of Appeals supporting General Eric Schneiderman's defense against Actavis in its appeal. Our brief is attached.

Coalition Launched To Protect Retirement Savings from Wall Street Loopholes

By | Ed Mierzwinski
Consumer Program Director

We've joined AARP, the Consumer Federation of America, AFL-CIO, Americans for Financial Reform and other leading groups to support an imminent Department of Labor rule to require retirement advisors to put consumers first. Wall Street brokerages and insurance companies have already launched a fierce lobbying attack, since they've been using loopholes to put themselves first to the tune of an estimated $17 billion/year by pocketing what should be your retirement income.

UK's "CFPB" Nails Big Brit Banks for Unfair Credit Card Add-on Fees

By | Ed Mierzwinski
Consumer Program Director

Emulating the U.S. Consumer Financial Protection Bureau, London's Financial Conduct Authority has ordered 11 big UK banks, including a Capital One subsidiary, to return "hundreds of millions of pounds" to consumers over "mis-selling" of unnecessary "card security" insurance that duplicates protection by law. In the psat two years, the CFPB has ordered $1.5 billion in refunds to U.S. consumers duped by similar add-on subscription products. The products were sold by a Stamford, CT based "loyalty club" marketer, Affinion, that has been the subject of enforcement actions by a number of U.S. state attorneys general.

News Release | U.S. PIRG | Consumer Protection

House Passes Two Bills Favored By Wall Street, Harmful to the Public

Statement of Consumer Program Director Ed Mierzwinski: "This week, the U.S. House of Representatives passed two awful bills on behalf of Wall Street and the U.S. Chamber of Commerce. One bill weakens important 2010 financial system reforms designed to prevent another financial system collapse like the one in 2008 that occurred due to Wall Street malfeasance. The second imposes massive roadblocks in front of any agency, from EPA and FDA to the financial regulators, seeking to protect the public's health, safety or wallets. We will seek to block these bills in the Senate and at the White House."

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