Reining in Wall Street Updates

An $18 Million Lesson in Handling Credit Report Errors

"Even after sending more than 13 letters to Equifax over the course of two years, Julie Miller could not get the big credit bureau to remove a host of errors that it inserted into her credit report. [...] So she tried suing. That worked. [...] “Big punitive penalties may help force the bureaus to upgrade their 20th-century algorithms and incompetent dispute reinvestigation processes,” said Ed Mierzwinski, consumer program director at the United States Public Interest Research Group. “But C.F.P.B.’s authority to supervise the big credit bureaus is one of the most significant powers Congress gave it.”

Weird Big Bank Trick Raises Price of Beer and Soda

By | Ed Mierzwinski
Consumer Program Director

UPDATED: August 8. Many of Enron's schemes involved sham transactions with itself that the SEC alleged had "no economic substance."  Taking a page from Enron's book, mega-bank Goldman Sachs is now moving tons of aluminum around and around its Detroit warehouses in similar transactions without apparent economic substance except to increase Goldman profits while raising costs of beer, soda and other goods relying on aluminum, delaying deliveries and disrupting aluminum markets. At a Senate hearing on the practice, Senator Elizabeth Warren (MA) said: "This movie will not end well."

News Release | U.S. PIRG | Financial Reform

Senate Moves Toward Confirmation of CFPB Director Cordray

Today’s expected confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace.

Banks, Not CFPB, Spy On Consumers

By | Ed Mierzwinski
Consumer Program Director

As a Tuesday, July 16th Senate showdown vote on the confirmation of Richard Cordray to direct the CFPB approaches, consumer protection opponents continue to make stuff up, such as their latest false claim that its use of data equates it with the NSA. Actually, it's the banks, not the CFPB, spying on consumers.

New book on the fight for the CFPB

By | Ed Mierzwinski
Consumer Program Director

Two academics have published a book chronicling the PIRG-backed fight to establish the Consumer Financial Protection Bureau (CFPB) as a centerpiece of the Wall Street reforms enacted in 2010. Their history of the largely successful efforts of the coalition Americans for Financial Reform and its work alongside Professor Elizabeth Warren has lessons for all advocates seeking to fight city hall or evil empires.

Five Things The Credit Bureaus Don't Want You To Know

By | Ed Mierzwinski
Consumer Program Director

If your name is Judy Thomas, you live in Ohio and you have good credit, you don't want to be mixed up with Judith Kendall who lives in Utah and doesn't have good credit. Last week, Judy explained her story to a U.S. Senate Commerce Committee hearing on credit bureau mistakes. We learned at least five things that the credit bureaus don't want you to know.

Senator McConnell says we shouldn't have a CFPB at all

By | Ed Mierzwinski
Consumer Program Director

Senator Mitch McConnell (KY) told Wall Street and other bankers yesterday that "If I had my way, we wouldn't have the [Consumer Financial Protection Bureau] at all." Here's a list of some of the protections the rest of us -- consumers, veterans, students, and seniors -- wouldn't have at all if McConnell and Wall Street had their way and we didn't have a  CFPB at all.

Prepaid cards can be a good choice if you choose wisely

Prepaid debit cards are billed as a better way to manage your money, a smart alternative to checking accounts. [...but prepaid] debit cards are different from credit cards or even debit cards tied to a checking account. They may not provide the same level of protection again loss or fraud. Ed Mierzwinski, director of consumer programs at U.S. PIRG, doesn’t think most people understand the difference.

News Release | U.S. PIRG | Consumer Protection, Financial Reform

CFPB Ends Kickbacks by Mortgage Insurers

U.S. PIRG applauds CFPB’s enforcement action, including over $15 million in total penalties, against four mortgage insurers to end the practice of giving kickbacks to mortgage companies to get their business.

Time to break up the big banks?

By | Ed Mierzwinski
Consumer Program Director

"Too big to fail, too big to jail." For far too long, that's been the government's attitude toward Wall Street banks. Regulators refuse to hold banks accountable both out of fear of Wall Street's political clout and also a misplaced perception that real enforcement might hurt the economy, even though a lack of enforcement recently wrecked it. But things are changing.

Pages

Priority Action

The overuse of antibiotics on factory farms is threatening these lifesaving antibiotics. Call on the Obama administration to put an end to the worst practices. 

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code