Financial Reform

We Join Leading Groups Urging SEC To Strengthen Weak Investor Best Interest Proposal

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

We've joined leading consumer, civil rights, labor and older American organizations in a comment letter urging the Securities and Exchange Commission (SEC) to strengthen its proposed "Regulation Best Interest" intended to ensure that all broker-dealers and other individuals and firms offering investment advice act do so in a fiduciary capacity, or in the best interest of their investor-clients. (Right now, it doesn't).

Leading Groups Oppose OCC Proposal To Charter Fintechs

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

We joined leading consumer organizations to criticize the national bank regulator OCC's new proposal to charter non-bank fintech companies. We called it both illegal and a gateway for online predatory lenders to enter states where high-cost payday lending is banned. Leading state bank regulatory officials also opposed the OCC move, which is also one of the recommendations in a controversial Treasury Department report released the same day.

Report | U.S. PIRG Education Fund | Financial Reform

Debt Collectors

Report: Our latest report based on the CFPB's public Consumer Complaint database reviews the most-complained about debt collectors. Funny, a new CFPB complaint "snapshot" does not. The report comes as the CFPB's acting director threatens to make the database non-public. If the CFPB both shuts down the public database and continues to issue industry-friendly reports that don’t give out any real information, the public and marketplace harm is even greater.

News Release | U.S. PIRG Education Fund | Financial Reform

Unlike CFPB’s “Snapshot,” PIRG report reveals which debt collectors Americans file complaints about most

News Release: Our latest report based on the CFPB's public Consumer Complaint database reviews the most-complained about debt collectors. Funny, a new CFPB complaint "snapshot" does not. The report comes as the CFPB's acting director threatens to make the database non-public. If the CFPB both shuts down the public database and continues to issue industry-friendly reports that don’t give out any real information, the public and marketplace harm is even greater.

Report | U.S. PIRG Education Fund | Financial Reform

Shining A Light on Consumer Problems:

Our report, Shining A Light on Consumer Problems: The Case for Public Access to the CFPB’s Financial Complaints Database, details why it is important that the highly successful Consumer Financial Protection Bureau database of over one million consumer complaints remain open to the public, so consumers, researchers and others can study the financial marketplace.

News Release | U.S. PIRG Education Fund | Financial Reform

New Report Makes Case To Keep CFPB Complaint Database Public

As the Consumer Financial Protection Bureau’s (CFPB) acting director continues to threaten to hide the agency’s public Consumer Complaint Database from consumers and researchers, a new report makes a strong case to keep the database public. The report from U.S. PIRG Education Fund and Frontier Group was filed as an official public comment in the CFPB’s Request for Information about the database. 

Public CFPB Database Comment Period Ends Monday, 4 June at Midnight

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Monday, June 4, at midnight (ET) marks the deadline for filing public comments on the Consumer Financial Protection Bureau’s latest inward-facing Request For Information (RFI); this one is on the future of the public Consumer Complaint Database, which has been disparaged for years by various bank industry actors and their coin-operated think tanks but most recently by the CFPB’s acting director, Mick Mulvaney. Here's why we are fighting to keep the database public.

Over 80 Groups Oppose S.2155 & its Benefits for the Credit Bureaus

By | Mike Litt
Director, Campaign to Defend the Consumer Bureau

Today, we sent a letter addressed to all members of the House of Represenatives in opposition to S. 2155, or as we call it, the Bank Lobbyist Act. We are joined by 84 other groups and leaders, representing communities, consumers, servicemember, and workers across the country. In particular, this letter explains how the bill benefits Equifax and the other national credit bureaus at the expense of average consumers and our military servciemembers. 

Resource | Financial Reform

Over 80 Groups Oppose S.2155 & its Benefits for the Credit Bureaus

Today, we sent a letter addressed to all members of the House of Represenatives in opposition to S. 2155, or as we call it, the Bank Lobbyist Act. We are joined by 84 other groups and leaders, representing communities, consumers, servicemember, and workers across the country. In particular, this letter explains how the bill benefits Equifax and the other national credit bureaus at the expense of average consumers and our military servciemembers. 

Will Flawed CFPB Wells Fargo Consent Order Be Reopened To Help Victims?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Questions are being raised. Will the ballyhooed $1 Billion CFPB settlement with Wells Fargo be reopened because it clearly favors the wrongdoer at the expense of the victims? There is a reopening precedent for bad consent orders, which we discuss below.

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