Consumer Protection

News Release | Iowa PIRG Education Fund | Consumer Protection

Big Banks Still Hiding Big Fees

A survey of hundreds of banks and credit unions in Iowa and 23 other states found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the Iowa Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all. 

Report | Iowa PIRG Education Fund | Consumer Protection

Bigger Banks, Bigger Fees

We conducted inquiries at 250 banks and 116 credit union branches in 17 states and the District of Columbia and reviews banks fees online in order to determine whether or not banks are complying with the Truth and Savings Act - which requires disclosure of account fees to prospective customers. 

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.

Iowa PIRG Applauds CFPB Proposal to Regulate Biggest Credit Bureaus

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."

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

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.

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

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.

Obama made right appointment

Iowa PIRG Advocate Letter to the Editor on the confirmation of Richard Cordray as the new head of the Consumer Financial Protection Bureau.

President Confirms Director Cordray To Head the CFPB

Iowa PIRG applauds President Obama for standing up for consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB indisputably now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus.

Kudos to President Obama for standing up for consumers this week by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus.

Consumer Protection

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