Financial Reform

News Release | U.S. PIRG | Financial Reform

CFPB green-lights predatory payday loans amid COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) finalized a rule Tuesday that guts critical payday lending protections. These protections, including the requirement that lenders check if a customer can repay the high interest rates of payday loans before borrowing, were set to go into effect last year. But the Bureau’s new leadership delayed implementation of the protections and pursued rollbacks of their core provisions.

U.S. House passes major credit reporting reform

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

On Monday, the U.S. House approved H.R. 5332, the Protecting Your Credit Score Act of 2020 (Gottheimer-NJ). U.S. PIRG joined other leading advocates of credit reporting reform in a support letter to the House last week. The bill takes a number of steps to make it easier to fix credit reporting errors.

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

Putting Consumers First

U.S. PIRG Education Fund, the Student Borrower Protection Center and Consumer Action have released a report recommending that  CFPB should use the full extent of its authority to take immediate action to strengthen its consumer complaint tool, hold companies accountable for providing complete and timely responses to consumers, and leverage consumer complaints related to the pandemic to support oversight and regulatory action to protect consumers.

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

Americans need stronger consumer protections during COVID-19 crisis

U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.

Consumer Groups & Bank Associations Urge Congress To Protect COVID19 Checks From Garnishment

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Yesterday, U.S. PIRG joined leading consumer groups and bank trade associations in a joint letter urging Congress at the soonest possible opportunity to clarify that economic impact payments responding to this public health emergency are exempt from otherwise legally binding garnishment orders.

Cordray To "Oblivious" CFPB: "Shield" Families From Economic Harms

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Rich Cordray, the first director of the CFPB and author of a new book on his six years at its helm, has issued a powerful memo to its current director, Kathy Kraninger, urging her to stop "relaxing" duties on financial firms and to "lose no further time" in "shield[ing] households and families" from the "economic harms" they face as a result of the coronavirus pandemic.

Marriott discloses second security breach in 16 months

Marriott, the world’s largest hotel chain in terms of guest rooms, disclosed Tuesday that up to 5.2 million customers were impacted by a security breach related to the company’s loyalty app.

CFPB's First Director, Rich Cordray, Publishes "Watchdog"

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The CFPB's first director, Rich Cordray, has published a book, "Watchdog," explaining efforts to set up and run the Consumer Financial Protection Bureau.

Half of CFPB Complaints in 2019 About Credit Reports As House Brings Reforms To Floor

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

On Wednesday, the full U.S. House is expected to vote on a credit reporting reform package, HR 3621, the Comprehensive CREDIT Act. Meanwhile, a PIRG analysis finds that half of all complaints to the CFPB in 2019 concerned credit reporting and the most-complained about companies, in the entire database, were the so-called  Big 3 credit bureaus.

U.S. PIRG and Leading Groups Support Findings of Norwegian Privacy Report

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In support of a report by colleagues from the Norwegian Consumer Council on whether the data sharing and privacy practices of a number of dating and other smartphone apps were in compliance with European privacy rules (GDPR) or the new California Consumer Privacy Act (CCPA), U.S. PIRG and other leading groups sent joint letters to key policymakers, including the California, Oregon and TexaS Attorneys General, the Federal Trade Commission and all members of the U.S. House and Senate. 

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