We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Banking
Some bank accounts come with hidden fees and complicated terms which often end up costing you. Consumers Union advocates for upfront pricing and fair practices so that you don’t end up losing your deposits.
Publications
- Testimony regarding Check Clearing for the 21st Century Act
The Act would make it impossible for the estimated 45.8 million U.S. households who now get their paper checks back to get all their paper checks back every month.
- On-line banking policies and principles
Supplement to Consumers Union policy on electronic money and banking
- Letter to the CA Dept. of Social Services regarding electronic benefit transfer
Groups write to express concerns about policy judgments made by the State before release of final request for bids in the creation of California’s electronic benefit transfer (EBT) system.
- Letter to the Federal Reserve Chairman Greenspan regarding application of merger
CU opposes the approval of the application filed by Travelers Group Inc. to merge with Citicorp
- Comments on NationsBank/Bank of America Merger Application to the Federal Reserve Bank
CU submits comments on the proposed merger of Bank of America and NationsBank to raise concerns about the merger’s impact on consumers.
Blog Posts
- FAQs on Medicare’s use of Social Security Numbers
Why is it a risk to have your social security number on your Medicare card? Find out!
- Bounce protection costs
From Consumer Reports November 2003 issue.
- CU and AARP Ask Senate to Give Americans Control Over Their Personal Financial Information
Feinstein/Boxer amendment will help prevent identity theft, unwanted marketing discrimination and fraud.
Read letter to Senate
- Concerned about my financial privacy – please strengthen the FCRA
I am concerned about changes to the Fair Credit Reporting Act (FCRA) that are under consideration in Congress. I believe all Americans should have control over their personal financial information. Recently the state of California adopted strong privacy protections. As you consider this matter, I urge you to bring these protections to all Americans. Make sure that any changes to FCRA truly benefit consumers, and do not simply grant a “wish list” to credit card companies, banks, and credit bureaus.
The strongest consumer credit reporting protections have come out of the states – the new California financial privacy law proves that. States should be permitted to pass consumer protection laws that are stronger than federal law so that they can protect their residents. I ask you to resist any efforts to deny states this ability to respond to the concerns of their citizens. California’s recently enacted landmark financial privacy protection law should be extended to all Americans, and every state should have the same opportunity to safeguard consumers by enhancing privacy, identity theft protections, and accuracy of their credit reports. Any modification to the Fair Credit Reporting Act should do the following:
– It must provide us with the ability to “freeze” our credit reports and keep identity thieves from opening even more credit in our names, once we have already been the victim of identity theft.
– It must give us the tools we need to quickly restore our good names if we are victims of identity theft.
– It must prohibit creditors from issuing credit in our names to identity thieves even after we have notified credit card companies and credit bureaus of possible fraud.
– It must restrict credit card companies from bombarding us with “pre-approved” credit card offers or “convenience checks” in the mail without first getting our permission. These mailings are not only a nuisance over which we have little control, they also contribute to identity theft.
– It must give us adequate recourse to challenge creditors who submit inaccurate information about us to credit bureaus, and to legally challenge creditors and credit bureaus that ruin our credit through sloppy or negligent procedures.
Please support changes to legislation that will create far stronger protections for consumers by enacting the California financial privacy protections at the national level, and allow states to pass tougher consumer protection laws in the areas of financial privacy, identity theft, and credit report accuracy.
- Fixing the Credit Reporting System
Consumer group analysis of house FCRA legislation: H.R. 2622.
- Study: Payday Lenders Continue to Ignore State Laws Related To Fees and Protections
Consumers Union issued the attached survey and news release on the current status of payday lenders in Texas. The survey shows that payday lenders continue to ignore rules capping fees and setting conditions on loan renewals.
- State Legislative Alert: Uniform Commercial Code Article 1
The National Conference of Commissioners on Uniform State Laws has approved a revision of Uniform Commercial Code Article 1.
- Identity Theft: Action and Prevention for Consumers
If you have been a victim of identity theft, there are government and nonprofit resources to help you.
- An Advocate’s Guide to Electronic Benefit Transfer (EBT) in California
The EBT system requires county welfare departments to significantly change the way they deliver services to their clients.
- Key Lawmakers Agree To Historic Corporate Reform Bill
Consumers Union says agreement promises to help restore accountability, trust.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!