Blog

Today, CFPB to announce overdraft fee investigation, unveil "penalty box" disclosure, possibly end $39 lattes.

Wednesday, February 22, 2012

Consumer Program Director

Would you knowingly agree to pay a $35 fee each time you used your debit card at point of sale, simply to allow you to purchase a $4 latte with only $2 in your account? Even the banks didn't think so, that's why they made “standard overdraft protection” a feature of your checking account that you didn't need to choose.

Consumer Protection

Iowa PIRG Applauds CFPB Proposal to Regulate Biggest Credit Bureaus

Friday, February 17, 2012

By | Ed Mierzwinski

Consumer Program Director

Last summer over 10,000 PIRG members submitted comments to the Consumer Financial Protection Bureau (CFPB) urging strict regulation of credit bureaus and credit scoring firms. We applaud the CFPB for its proposal today to subject the nation’s largest credit bureaus and credit scoring firms to full scrutiny as “larger participants” (CFPB pdf) in the financial marketplace."

Consumer Protection

Encouraging news on HUD/state AG settlement with big mortgage servicers

Thursday, February 9, 2012

By | Ed Mierzwinski

Consumer Program Director

The terms of the settlement, which was announced this morning, are at the page http://www.nationalmortgagesettlement.com. We are reading it now. Original: If I am reading the overnight news stories correctly (NY TIMES and Politico and Boston Globe), it appears that negotiators have clarified that the well-publicized settlement between HUD and state AGs and the nation's 5 largest mortgage servicers will not release the big banks from claims related to their activities with the mysterious entity known as MERS that aided and abetted their illegal foreclosures. If so, this is a big deal in ultimately holding the big banks fully accountable.

Consumer Protection

CFPB's Cordray to Highlight Achievements/Goals Today In Senate

Tuesday, January 31, 2012

By | Ed Mierzwinski

Consumer Program Director

The Senate Banking Committee will hold an oversight hearing today at 10 am (live video) on the Consumer Financial Protection Bureau's semi-annual report to Congress. The witness will be CFPB director Rich Cordray, who received a PIRG-backed recess appointment from the President on January 4th. Expect some CFPB opponents on the committee to boycott; others to show up.