Consumers won a huge victory in 2010 with the passage of the Wall Street Reform law. The key provision of the bill for consumers is the creation of the Consumer Financial Protection Bureau, which will oversee financial products and services such as mortgages, credit cards, payday loans, check cashing, and private student loans.
- CU offers principles for restructuring financial regulation
Letter to the Government Accountability Office on reforming regulation in the U.S. financial system
- CU offers principles for restructuring financial regulation
Via Electronic Mail December 16, 2008 Ms. Orice M. Williams Director, Financial Markets and Community Investment U.S. Government Accountability Office 441 G Street, N.W. Washington, DC 20548 Re: GAO Report on Reforming the Financial Regulatory System Dear Ms. Williams, Consumers Union, the nonprofit publisher of Consumer Reports, is deeply interested in creating a more effective Continue Reading
- CU calls for new agency heads to protect consumers in credit and housing
Groups ask President-elect to choose nominees who will push for consumer protection, foreclosure prevention, and strong regulation in credit and housing.
- CRA is not the cause for the foreclosure crisis
The Community Reinvestment Act is not the problem. The problem is failed regulatory policy and oversight.
- CU: Include credit card reforms in bailout package
Consumer groups urge the Senate to protect consumers from deceptive credit card practices
- Wall Street rescue plan, worries for consumers
CU urges the House to put consumers and taxpayers at the forefront of bailout package
- Protect all your money if your bank fails
Consumer groups call on the FDIC to apply deposit insurance to all prepaid cards, payroll cards, and bank-issued gift cards.
- Letter to the Office of the Comptroller of the Currency (OCC) Regarding Opposition to Proposed Rule on Preemption
Letter to the Office of the Comptroller of the Currency (OCC) regarding opposition to proposed rule on preemption.
- CU: Obama cap on executive pay right thing to do
Companies receiving federal bailout money will have their pay capped at $500,000
- Bailout should include new credit card standards
CU says Treasury plan to buy securitized credit card debt should protect consumers from bad lending practices
- Statement by CU on President-elect Obama’s economic team
Their plans offer some hope that they will act quickly to get to the heart of our financial crisis.
- CU calls for new reforms to address financial crisis
New safeguards needed to stem foreclosures and protect consumers and taxpayers from deepening crisis
- Senate approves Wall Street rescue package
Senate bill strengthens Bush Administration plan, but critical protections for consumers and taxpayers still needed
- House passes credit card reform bill
CU urges Congress to include credit card protections as part of any Wall Street bailout package
- CU: Bailout should include consumer protections
CU calls on Congress to protect consumers and taxpayers and enact reforms to prevent future financial meltdowns
- House to vote on credit card reforms
CU joins with other consumer groups to urge Congress to curb abusive credit card lending practices
- OCC sides with banks on credit card reform
Fed proposal offers important protections for consumers against abusive credit card practices
- California Senate OKs mortgage foreclosure bill
Bill aims to help Californians keep their homes and protect communities hit hard by foreclosures
- Refund Information For Discover Credit Card Customers
The CFPB has put up a page dedicated to helping Discover customers understand the $200 million refund they were ordered to give to consumers. Consumers should aslo note that the CFPB is warning consumers about scams related to the Discover action. Here’s what the CFPB says on its website: As with any time large numbers Continue Reading
- Discover Credit Card Ordered to Pay $200 Million Consumer Refund for Deceptive Marketing
The CFPB just announced that the credit card company Discover will pay approximately $200 million in restitution to more than 3.5 million consumers who were charged for one or more of the products between December 1, 2007 and August 31, 2011. The FDIC and CFPB issued a joint action against Discover is a result of Continue Reading
- Stronger Oversight of Reverse Mortgages Needed to Protect Seniors
We along with the California Advocates for Nursing Home Reform have urged the CFPB to adopt a number of reforms to protect vulnerable seniors from the potential pitfalls of reverse mortgages. The CFPB is collecting public comment on reverse mortgages as it considers whether to strengthen oversight of the industry. Reverse mortgages are home loans Continue Reading
- Reverse mortgages—the next disaster?
An interesting article appeared in MSN Money recently and it includes a lively discussion about the pros and cons of reverse mortgages. The article notes a point made by the Consumer Financial Protection Bureau in its recently released report that older homeowners are increasingly jeopardizing their futures by using these home loans in ways for Continue Reading
- CFPB Issues New Report On Student Loans
The CFPB and the Department of Education have issued a report that outlines the deceptive practices that have found their way from the mortgage industry to the private student loan business. The report finds that the private lenders engage in the same risky practices that led to 2008’s financial collapse, including lending money without considering Continue Reading
- How To Get Your Capital One Refund
Consumers Union alongside of activists like you fought for the creation of the CFPB, a financial watchdog whose job is to stop unfair practices and fight for consumers. The CFPB was the consumer centerpiece of the 2008 Dodd-Frank financial reform bill. In the watchdog’s first enforcement action it ordered Capital One to provide $140 million in refunds Continue Reading
- CFPB Fines Capital One $210 Million For Deceptive Credit Card Practices
As the CFPB gets ready to mark their 1 year anniversary some big news is breaking. The CFPB is fining Capital One $210 Million dollars for their deceptive practices. According to the Wall St. Journal: The McLean, Va., banking company will refund $150 million to 2.4 million consumers who bought Capital One-branded products over the Continue Reading
The CFPB announced some great news for consumers, a new rule today giving the financial watchdog more oversight of credit bureaus, which generate billions of credit reports each year. Beginning this fall, the CFPB will take a closer look at the 30 largest credit reporting agencies, including the big three — Experian, Equifax, and TransUnion Continue Reading
- CFPB Launches Public Database of Credit Card Complaints
The CFPB made its database of credit card complaints submitted by consumers available to the public today. The CFPB also issued a report analyzing 45,000 complaints it has collected on a range of financial issues and announced that it may expand the public database to include financial products other than credit cards. Here is Pam Continue Reading
- Consumers Score Long Deserved Victory As Obama Appoints Cordray
President Obama announced that he was making a recess appointment to name Richard Cordray as head of the CFPB giving the watchdog its full power to protect consumers. After months of delay and politicking, Richard Cordray was appointed to head the new Consumer Financial Protection Bureau. He’ll start with a full set of powers to Continue Reading