We support reforms to the financial marketplace to curb bad practices by banks and lenders.
The Federal Trade Commission announced a $2.5 million fine against one of the largest debt buyers in the country for using deceptive practices to collect old debts. ConsumersUnion, the nonprofit advocacy arm of Consumer Reports, applauded the FTC’s action but noted that new reforms are needed to protect consumers from unfair debt collection abuses.
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In his State of the Union Address on Tuesday, President Obama announced the creation of a special new joint federal-state Task Force charged with investigating the mortgage crisis and the resulting damage to homeowners and investors. The Task Force is known as the Residential Mortgage-Backed Securities Working Group. President Obama announced that New York Attorney Continue Reading
January 4, 2012 Consumers Union praises Cordray appointment to head Consumer Financial Protection Bureau WASHINGTON, D.C. – Consumers Union, the policy and advocacy arm of Consumer Reports, today applauded the news that Richard Cordray will be appointed to serve as the director of the Consumer Financial Protection Bureau (CFPB). While Cordray has received bipartisan praise, Continue Reading
Is your smartphone protected from hackers? Chances are it’s not. Less than 5 percent of all smartphones are protected by security software, according to a new report by Juniper Research. That means your smartphone could be hacked without your knowledge, leaving you vulnerable to identity theft and financial loss. Security threats are on the rise Continue Reading
Consumers don’t always get the same legal rights when something goes wrong with a transaction.
Need more proof that we need a strong independent financial watchdog for consumers? We just put out a report with the National Consumer Law Center and the Consumer Federation of America that shows consumers in most parts of the country are vulnerable to small loan rip-offs.
Now that the Senate floor debate on financial reform has started in earnest, supporters are ofering a number of amendments to strengthen the bill so that it better protects consumers from unsafe financial products and creates new rules to stop banks from getting so big that they could threaten the financial system.
Earlier this week, Consumers Union President Jim Guest joined Senators Menendez and Reed at a news conference in Washington to underscore how financial reform will benefit consumers. But the real star of the news conference was Gloria McAlpin, who we first met in 2008 when we produced our “Faces of Foreclosure” video series.
Is your bank taking a big bite out of your wallet with interest rate hikes, hidden fees, and other unfair practices? You’re not alone. That’s why we launched our “Banker Man” stunt today in Washington.
More and more retailers are issuing rebates on prepaid cards which can come loaded with hidden fees and other gotchas.
