Financial Reform

The Facebook Data Breach: What You Need to Know and What You Should Do

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

This guest post from Nathan Acks of the State PIRG Internet Security team offers background on the latest Facebook breach and what you can do.

Ten Years After Lehman, Lessons of Financial Collapse Ignored, Not Forgotten

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Ten years ago this weekend the collapse of investment bank Lehman Brothers marked the massive financial collapse of 2008. Millions of Americans lost homes, jobs and trillions of dollars in retirement savings. Today, the financial collapse hasn't been forgotten, it's being ignored by Congress and Wall Street.

Latest Trojan Horse Data Breach Bill (HR6743-Luetkemeyer) Could Be Called "Equifax Protection Act"

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

On Thursday, 13 September, the House Financial Services Committee is to consider the latest in a long series of data security and data breach bills that Congress takes up at the request of the banks. These Trojan Horse bills come riding in with few, if any, protections riding in the saddle, but massive elimination of stronger state laws hidden in the belly of the beasts. The proposal, HR6743, the Consumer Information Notification Requirement Act (Luetkemeyer (MO)), might also be called the “Equifax Protection Act.”

Resource | Financial Reform

Groups Demand That CFPB Nominee Be Qualified

Prior to a Senate Banking vote on the president's nominee to become permanent director of the Consumer Financial Protection Bureau (CFPB), leading consumer, faith and civil rights organizations sent a letter to the committee describing minimum standards for a qualified director. The President's nominee, Kathy Kraninger, does not meet those standards, nor has she said that she supports the mission of the Bureau: protecting consumers.

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).

Resource | Financial Reform

Leading Groups File SEC Comment on "Best Interest" Standard

You can download this letter from leading consumer, civil rights, labor and older American organizations, including U.S. PIRG. It was filed as a comment describing our concerns with the SEC's proposed "Best Interest" standard intended to ensure that all individuals and firms offering investment advice act in a fiduciary capacity, or in the best interest of their clients.

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.

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