Financial Reform

U.S. PIRG Statement on State of the Union Address

On Tuesday, President Barack Obama came before Congress to give his seventh and final State of the Union address. In his speech, the President highlighted top national priorities and some of the greatest challenges faced by the American people.

House Committee Launches Trojan Horse Assault On State Privacy Laws

By | Ed Mierzwinski
Consumer Program Director

This afternoon (Tuesday, 8 December), the U.S. House Financial Services Committee launches a massive attack on state privacy laws. Hidden inside a seemingly modest proposal to establish federal data breach notice requirements is a Trojan Horse provision designed to to take state consumer cops off the privacy beat, completely and forever. That's wrong, because the states have always been key first responders and leaders on privacy threats that Congress has ignored, from credit report accuracy and identity theft to data breaches and do-not-call lists.

Resource | Financial Reform

17-Group Letter Opposing Rollback of State Privacy Laws

On Tuesday, 8 December 2015, the U.S. House Financial Services Committee is expected to vote in favor of a data breach notice bill opposed by consumer and privacy groups and many state attorneys general because its breach provisions are not only weaker than those of most states, but the bill includes a Trojan Horse provision to broadly preempt strong state privacy laws. Here is our letter, co-signed by 16 other groups, explaining why the bill is a bad idea.

Privacy, We've Got Tips and Ideas For You, Congress and Regulators, Too

By | Ed Mierzwinski
Consumer Program Director

Problems with privacy and data security are all over the news these days. We've got you covered, from releasing a new report and consumer tips on the security freeze today to testifying to Congress (last week) on payment card security and speaking on a panel at the FTC tomorrow on Internet lead generation (what's that?). Oh, and we're waiting for answers to our questions to the CFPB about the credit bureau Experian joining the ranks of the breached. We've been busy as we explain in this "roundup" blog entry.

Resource | Financial Reform

Letter to CFPB & FTC on Experian/T-Mobile Data Breach

Following a breach of a subsidiary of the nationwide credit bureau Experian affecting 15 million customers and applicants of T-Mobile, a number of state PIRGs have joined other leading privacy and consumer groups in a request for investigations by the CFPB and FTC.

Resource | Financial Reform

U.S. PIRG Comments on Labor's Retirement Advice Docket

In addition to sending over 7,000 short member comments to the Department of Labor in support of a strong rule protecting retirement savings by requiring advisors to adhere to a "consumer first" fiduciary standard, U.S. PIRG filed these detailed expert comments.

Was it 4 million, 14 million or 18 million records breached (how many times) (likely) by Chinese hackers? Whose fault was it? The USOPM director says no one's. Really? Perhaps the worst data breach ever raises lots of questions, but I haven't heard any good answers. Federal employees, their families, their friends and their neighbors -- because all of them could be victims -- deserve better answers, just as they deserve better service than USOPM's credit monitoring provider is giving them.

News Release | U.S. PIRG | Democracy, Financial Reform

Citi shareholders gathered in NY demand lobbying disclosure

 

NEW YORK, NY - Citigroup shareholders gathered today in New York City for their annual meeting and outrage over Citi’s role in the financial crisis was still palpable in the room.  A major topic of interest was a shareholder proposal that would require the company to disclose its lobbying expenditures to its investors, one of over 100 resolutions on political activity filed this season.

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

Media Hit | Financial Reform

Credit Bureaus’ Deal to Improve Accuracy ‘Huge’ for Consumers

(Bloomberg) -- Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.[...] “It’s a sea change in the way the credit bureaus treat complaints,” said [U.S. PIRG's Ed] Mierzwinski. “The credit bureaus have been run by computers for years now. They’re going to have to hire more people and actually verify that what a creditor said is true.”

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