Updates

Free tax prep at Walmart? It isn't really free, for some 84% or so of you

By | Ed Mierzwinski
Consumer Program Director

I've been quoted recently (Reuters via Baltimore Sun)  warning consumers that getting your taxes done for "free" in an HR Block kiosk at Walmart and then getting your tax refund on a Walmart prepaid card comes with pitfalls, including (1) fees and (2) the chance that you'll just dump the money on the card into impulse purchases at Walmart, which "is not your friend."

Professor's paper on "Industry's Misguided Quest to Undermine the CFPB"

By | Ed Mierzwinski
Consumer Program Director

Last fall, U.S. PIRG co-hosted, with Americans for Financial Reform and the Consumer Federation of America, an academic symposium featuring a discussion of a forthcoming paper by Professor Art Wilmarth of George Washington University Law School,  perhaps the nation's leading bank law scholar. I am pleased to report that a close-to-final draft of Professor Wilmarth's paper -- The Financial Services Industry’s Misguided Quest to Undermine the Consumer Financial Protection Bureau -- is now available for review at the AFR website and will be published in the Spring 2012 issue of the Review of Banking and Financial Law at Boston University Law School.

Yesterday the Supreme Court, Inc. - with only Ruth Bader Ginsburg dissenting -- took away consumer legal rights in Compucredit vs. Greenwood. The court said disputes needed to be resolved in arbitration proceedings -- not court. The company issues subprime "fee harvester" credit cards with upfront fees that swallow the teeny credit limits. It's previously been sued by both the FDIC and the FTC.

News Release | U.S. PIRG Education Fund | Public Health

A Lower Standard for Lead Poisoning

U.S. PIRG applauds the Advisory Committee on Childhood Lead Poisoning and Prevention of the Centers for Disease Control and Prevention in their important decision to protect the safety and well-being of our littlest consumers: children. The Panel recommended the government lower the threshold of lead in blood that qualifies as lead poisoning in children.

Media Hit | Higher Ed

CNN: Consumer Bureau: Now, It Can Do Something

Rich Williams, a higher education advocate for U.S. Public Interest Research Groups (PIRG) said he's looking forward to the consumer bureau's work with student loans, as well as credit cards and debit cards issued on campus. With a director, the bureau can now set rules of the road for all providers of student loans, not just those issued by banks.

Obama's New Consumer Finance Chief Can Lower Student Debt

By | Rich Williams
Higher Education Advocate

President Obama took a bold and important step this week, standing up for student consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau (CFPB). The president's action means that the CFPB now has all its powers to protect students from unfair financial practices that pile on student debt, including lenders offering dangerously expensive private student loans and aggressive credit and debit card marketing.

Media Hit | Financial Reform

LA Times: Richard Cordray Appointment 'Turns Lights On' at Consumer Bureau

"Congress wanted the bureau to protect consumers no matter where they shopped for financial products," said Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group. "With a director, the public can now have confidence the consumer bureau is ready, willing and able to investigate their financial problems."

News Release | U.S. PIRG | Financial Reform

U.S. PIRG Applauds President For “Bold and Important” Recess Appointment of Richard Cordray To Head New Consumer Financial Protection Bureau (CFPB)

President Obama is taking a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

News Release | U.S. PIRG | Higher Ed

New Consumer Finance Chief Can Lower Student Debt

President Obama is taking a bold step to protect student consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

News Release | U.S. PIRG Education Fund | Democracy

U.S. PIRG Calls on Candidates to Denounce Super PACs

The current coordination rules are an insult to American democracy, yet candidates continue to test their luck in weakening them further. If the presidential contenders, all of whom have sympathetic Super PACs, are serious about their objections, then they should publicly denounce their affiliated independent expenditure committees.

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