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Report | U.S. PIRG Education Fund | Budget

Following the Money 2015

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Blog Post | Financial Reform

As NY Brings Credit Bureaus To Heel, CFPB Arbitration Study Paves Way Toward New Protections | Ed Mierzwinski

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

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Media Hit | Financial Reform

Credit Bureaus’ Deal to Improve Accuracy ‘Huge’ for Consumers

(Bloomberg) -- Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.[...] “It’s a sea change in the way the credit bureaus treat complaints,” said [U.S. PIRG's Ed] Mierzwinski. “The credit bureaus have been run by computers for years now. They’re going to have to hire more people and actually verify that what a creditor said is true.”

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Blog Post | Financial Reform

Is Anyone Protecting Your Privacy Or Wallet? Turbotax? Anthem? Apple? The Government? | Ed Mierzwinski

As if recent privacy breaches at the online tax preparer Turbotax and the health insurer Anthem weren't enough, it turns out that low-tech hacks can trick the vaunted Apple Pay system into giving up cash to thieves, too. Meanwhile, while the administration's blueprint for a Privacy Bill of Rights in 2012 was excellent, its new legislative draft from the Department of Commerce could have been written by the U.S. Chamber of Commerce. There is some good news on privacy, though.

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News Release | US PIRG | Tax

Achtung Baby! German Bank Settlement Could Include $490 Million Loophole

As the German-based Commerzbank approaches a settlement agreement to resolve allegations surrounding the bank’s role in illegal money laundering with sanctioned states, the Justice Department will need to forbid tax deductions for this corporate wrongdoing or the bank will likely deduct the payments as an ordinary cost of doing business. In that case, ordinary taxpayers would ultimately shoulder up to $490 million of the deal.

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News Release | Corporate Reform Coalition, U.S. PIRG | Democracy

New Report: Sunlight State by State After Citizens United

In the wake of the U.S. Supreme Court’s ruling in Citizens United v. Federal Election Commission, which allows corporations to spend unlimited amounts from their treasuries to influence elections, states have passed a variety of innovative measures to regulate corporate cash in elections, a new report by the Corporate Reform Coalition shows.

The report, “Sunlight State by State After Citizens United,” details the steps, legislative and otherwise, that each state took to respond to the Citizens United decision and grades them on transparency in spending. It also points to a need for more sweeping federal reform.

 

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Media Hit | Higher Ed

New York Times: On Campus, New Deals With Banks

“Campus debit cards are wolves in sheep’s clothing,” Rich Williams, higher education advocate for U.S. Public Interest Research Group Education Fund and lead author of the report, said in releasing the report. “Students think they can access their dollars freely, but instead their aid is being eaten up in fees.”

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News Release | U.S. PIRG | Higher Ed

BANKS SKIM MILLIONS IN FEES FROM STUDENT AID USING DEBIT-CARD-LINKED STUDENT IDS

Washington, D.C. – Over 9 million students are at risk for increased educational debt, due to bank-affiliated student debit cards that come with high fees, insufficient consumer protections, and few options.  Financial institutions now have affinity partnerships with almost 900 campuses nationwide, grafting bank products onto student IDs and other campus cards to become the primary recipient of billions in federal financial aid to distribute to students.

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News Release | U.S. PIRG | Health Care

Senate Approves S.3187 the Food and Drug Administration Safety and Innovation Act S. 3187

The Senate Passage of the Prescription Drug User Fee Act (PDUFA) not Strong Enough to Ensure Sufficient Consumer Safety from Drugs and Medical devices

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News Release | U.S. PIRG | Higher Ed

There is no 'A' for effort

"It seems safe to say that the more than seven million students who will be taking out Stafford student loans for the next school year, join our disappointment that today the Senate could not pass a bill to keep interest rates from doubling on July 1.  

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DEFEND THE CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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