Financial Reform

News Release | U.S. PIRG | Financial Reform

We Back Legislation to Hold Credit Bureaus Accountable To Consumer-Victims For Breaches

Since the massive Equifax data breach, three things, among others, have been made very clear: (1) A credit bureau breach is worse than other breaches, because the bureaus hold a vast trove of our personal information useful to identity thieves; (2) The bureaus treat us with disdain, as products, not customers; (3) The credit bureaus are largely unaccountable to consumers. Our statement in suppport of the Sens. Elizabeth Warren and Mark Warner  "Data Breach Prevention and Compensation Act" to hold large credit reporting agencies (CRAs) - including Equifax - accountable for data breaches involving consumer data."

The End for "Rent-A-Tribe" Payday Lending Schemes?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

This month, Scott Tucker, a payday lender who used his proceeds to fund a LeMans racing team, was sentenced to 16 years in jail on federal racketeering and other charges.   Last fall, his former business partner Charles Hallinan, known as the Philadelphia Main Line "godfather" of payday lending, was also convicted of federal racketeering charges. Tucker and Hallinan's main business model? Their claim that their payday loan enterprises were for the benefit of Native American tribal partners and therefore subject to tribal immunity. The authoritative public interest law firm Public Justice speculates: "Tribal Immunity" may no longer be a Get-Out-of-Jail Free Card for payday lenders." It's about time.

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

Consumer Advocates File in Support of Acting CFPB Director Leandra English

This is a joint press release from U.S. PIRG Education Fund and other leading consumer and civil rights organizations explaining our amicus (friend of the court) brief filed today in support of acting CFPB director Leandra English. English was appointed acting director by outgoing director Richard Cordray, but the President has claimed authority to appoint Office of Management and Budget director Mick Mulvaney to simultaneously be acting director of the Consumer Bureau. English seeks a preliminary injunction blocking the Mulvaney appointment.

Consumer Bureau Threatened By President's Assertion He Can Select Temporary Director

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

With the departure yesterday of director Richard Cordray from the Consumer Financial Protection Bureau, we don't doubt that the President has the authority to nominate a new director of the Bureau. But the President's assertion later that day that he can and would appoint his own temporary or acting director -- at odds with the plain language of two laws --  places the bureau's leadership in crisis.

News Release | U.S. PIRG | Financial Reform

Statement On Departure Today of Consumer Bureau Director Richard Cordray

U.S. PIRG and the state PIRGs commend Rich Cordray for his over six years as the Consumer Financial Protection Bureau’s first director. In its short years as the nation’s top consumer cop, all under Director Cordray, the young Bureau has returned $12 billion dollars to over 29 million consumer victims of financial schemes by wrongdoers ranging from Wall Street banks, mortgage companies and for-profit schools to debt collectors, credit bureaus and payday lenders. FULL STATEMENT FOLLOWS.

Like clockwork, after any big data breach is disclosed, powerful special interests seek to turn the problem into a bigger problem for consumers by  using it as an opportunity to enact some narrow federal legislation that broadly eliminates state data breach notice, state data security and other privacy protections.  I testified yesterday in the House warning of their Trojan Horse efforts, which not only take away existing laws, but deny any new laws, even on new problems identified. 

News Release | U.S. PIRG | Financial Reform

Interactive Map Shows Consumers In 42 States Have No Access To Free Credit Freezes

We've created an interactive map showing all the details of placing credit freezes on your credit report-- where the freeze is free for anyone, where temporary thaws/lifts are free, and where senior citizens, children, other protected classes pay less (or sometimes more). Only previous ID theft victims get freezes for free in every state; that's why we're calling for a new federal free freeze law for everyone else after the Equifax breach. 

News Release | U.S. PIRG | Financial Reform

Equifax CEO Retirement Not Enough To Clean Up Credit Bureaus, Need CFPB

Here's our statement by Consumer Program Director Ed Mierzwinski regarding the announcement from Equifax that the retirement of the CEO who presided over its massive data breach and "inadequate, maddening" response was not enough to clean up the credit bureaus. Congress also needs to act to provide free credit freezes for all and to force all of the Big 3 credit bureaus to do a better job.

U.S. House Considers Trojan Horse Bill To Weaken Credit Bureau Laws

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

What would you do if you knew that the Big 3 credit bureaus were in the Top 5 of complaint leaders to the Consumer Financial Protection Bureau and that their mistake-ridden reports caused consumers to either be denied jobs or pay more for or be denied credit due to those mistakes? Well, if you were the leadership of the House Financial Services Committee, you'd consider not one, but two bills to make this worse by eliminating strong consumer protections and eliminating some and limiting other damages payable to consumers when credit bureaus wreck their lives. You'd hide a massive weakening of consumer protections inside a Trojan Horse bill that claims to be about letting the credit bureaus help people.

States, DC Stepping Up To Protect Student Loan Borrowers

By | Chris Lindstrom
Senior Director, Campus Consumer Protection Campaign

With the U.S. Department of Education failing to protect students from unfair practices, the states and the District of Columbia have begun to enact student loan servicing protections. Here's an overview of what's happening in the "laboratories of democracy."

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