Financial Reform

On this Memorial Day, celebrate servicemembers and veterans. It's important that the CFPB has their backs, since predatory lenders are after their wallets.  As I often say, the idea of the CFPB needs no defense, only more defenders.

CFPB complaints help recover $90 million for servicemembers

By | Ed Mierzwinski
Consumer Program Director

Yesterday, the U.S. Departments of Justice and Education and the FDIC slammed student loan company Sallie Mae and a spinoff, ordering over $6 million in penalties and $90 million in compensation to servicemembers and veterans. Complaints to the CFPB's public database helped build the case. As the CFPB's director said in an important speech last week: "Each consumer’s voice counts and the chorus of many voices can change practices at these large financial companies."

We Join FTC Event on Big Data E-Scores

By | Ed Mierzwinski
Consumer Program Director

Companies on the Internet are tracking you with vastly powerful Big Data algorithms to determine what to sell you and for how much and what financial opportunities to offer you. Today at 10am, I join an FTC workshop on Alternative Scoring Products to debate the transparency and fairness of the system with privacy and technology experts from industry, academia and the public interest. You can attend or watch online.

While CFPB Takes Action To Aid Consumers, U.S. House Acts Against CFPB

By | Ed Mierzwinski
Consumer Program Director

Yesterday, the CFPB sued ITT, a for-profit school, for a variety of alleged violations, including pressuring students into high-cost predatory loans with little promise of a future job. This morning, I join CFPB leaders for a panel on how it can help fix the credit reporting system. Yet, this afternoon, the House will probably vote to hobble the CFPB in several ways. Go figure.

Target says "Oops, 70-110 million consumers hacked."

By | Ed Mierzwinski
Consumer Program Director

Target is now saying that "a range of 70 million to 110 million people," not the original 40 million customers, had their credit or debit card numbers hacked in December. Even worse, Target is admitting that the database stolen included email addresses and phone numbers, which leaves consumers vulnerable to phishing attacks that could lead to identity theft, as if fraud on existing accounts wasn't enough. Here are some tips.

News Release | Illinois PIRG | Financial Reform

Common-Sense Refinancing Options Could Help Illinoisans and Stabilize Housing Market

Data released today by Illinois PIRG and the Center for Responsible Lending finds that making it easier for homeowners to refinance their mortgages could give consumers more options, save money, and stabilize Illinois’ housing market. In Illinois alone, 532,371 families would qualify, saving them $1.77 billion.

Report | Illinois PIRG | Financial Reform

Urgent: Remove Barriers to Low Interest Rates

Congress has a rare bipartisan opportunity to put more money in Americans’ pockets, strengthen the housing market and boost the entire economy. By making it easier to refinance into today’s low interest rates, Congress could expand the Home Affordable Refinance Program (HARP) so it helps over 530,000 Illinois families save $1.17 billion.

Would you knowingly agree to pay a $35 fee each time you used your debit card at point of sale, simply to allow you to purchase a $4 latte with only $2 in your account? Even the banks didn't think so, that's why they made “standard overdraft protection” a feature of your checking account that you didn't need to choose...

Report | Illinois PIRG | Financial Reform

Ten Reasons We Need The Consumer Financial Protection Bureau Now

This report outlines predatory financial practices that hurt consumers and helped collapse the economy, costing us eight million jobs, millions of foreclosed homes and trillions of dollars in lost home and retirement values.

Pages

Subscribe to RSS - Financial Reform

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.

Support Us

Your donation supports Illinois 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