Blog Posts By:

Ed Mierzwinski,
Senior Director, Federal Consumer Program

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.

This week, the President has sent U.S. Trade Representative Michael Froman out to convince the public that trade deals are good for everyone, not only special interests. In my role as U.S. chair of the TransAtlantic Consumer Dialogue, I respond to his latest proposal for a "Public Interest Advisory Committee."

At a hearing Monday on Target and other data breaches, Senators endorsed our longtime platform that all plastic -- debit or credit -- should have the same consumer protections. Right now, Debit card users have "zero liability" promises from their banks, but credit card users have strong protections by law.

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.

CFPB Director Rich Cordray appears on The Daily Show tonight Wednesday to talk about CFPB's new mortgage lending and servicing rules that take effect Friday, 10 January. Read on to find out more about the rules and also about the many self-help tools the CFPB has created to help homebuyers and homeowners protect themselves.

Yesterday, big retailers filed an appeal of last month's announced final settlement order in an antitrust case involving price-fixing by Visa and Mastercard. PIRG backs the merchants because non-negotiable swipe fees force all consumers, including cash customers, to pay more at the store and more at the pump.

Earlier this week, USPIRG Education Fund released "Big Banks, Big Complaints," a report documenting how the CFPB is helping bank customers with its public complaint database. Today, the CFPB announced it had imposed a $20 million civil penalty on JP Morgan Chase and ordered it to refund $309 million to over 2 million consumers for deceptively marketing junky credit card add-on products, some of which consumers didn't even receive. The CFPB is getting results.

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...