Financial Reform

If our political leaders REALLY want to help small business…

By | Alana Miller
Program Associate

Small business owners have big troubles with big banks and credit cards and the new Consumer Financial Protection Bureau (CFPB) should take a look at the numerous obstacles.

Media Hit | Financial Reform

Post-Gazette: Please protect consumers, Sen. Toomey

For more than two months, the Consumer Financial Protection Bureau -- a centerpiece of the 2010 Wall Street Reform and Consumer Protection Act -- has been up and running. It's the nation's first federal financial regulator with the singular duty of protecting consumers -- including, specifically, members of the armed services -- from unfair financial practices.

New Consumer Agency Takes Over Thursday as Nation’s Consumer Bank Cop

Philadelphia, PA—Leading consumer groups today announced the results of a poll showing that an overwhelming majority of likely voters both support a new consumer agency (74%) and want Wall Street held “accountable” (77%), along with a report documenting “10 reasons” consumers need the new Consumer Financial Protection Bureau.  The Bureau will take over enforcement of all major consumer laws on Thursday, July 21. The groups called for the Senate to vote to confirm former Ohio Attorney General Rich Cordray as its director, so that the CFPB is able to fulfill the promise of consumer financial protection.

Report | U.S. PIRG Education Fund | Financial Reform

Ten Reasons We Need Consumer Financial Protection

For years leading up to the 2008 financial collapse, federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks and unfair overdraft policies used by banks. The banks were earning billions from “gotcha” practices. Incredibly, bank regulators actively encouraged this behavior, arguing it was profitable and kept banks safe. No regulator cared about its other (and, to them, secondary) job: enforcing consumer laws. Some regulators rejected the role and even actively worked to prevent states from carrying it out. Worse, firms were able to pick and choose among regulators, encouraging a “race-to-the-regulatory-bottom.” That is the system that failed to protect us.

New Survey Shows Banks Still Hiding Fees from Consumers

PHILADELPHIA, April 12 – A survey released today by the Pennsylvania Public Interest Research Group of more than 350 bank branches revealed that fewer than half of branches obeyed their legal duty to fully disclose fees to prospective customers, while one in four provided no fee information at all.

News Release | Financial Reform

We Need a Watchog: On eve of committee vote, consumer group petitions for reform

SCRANTON, Oct. 20 – Local residents and statewide consumer group PennPIRG, the Pennsylvania Public Interest Research Group, called for meaningful financial reform in a petition demonstration in downtown Scranton today.

Media Hit | Financial Reform

Consumer relief

It is not getting much attention locally but the big banks, the mortgage lenders and the insurance companies are working to kill legislation in Washington that would give consumers much-needed protections in the financial marketplace.

News Release | Financial Reform

On Anniversary of Financial Crisis, Pennsylvanians Look to Congressman Kanjorski for Leadership on Reform

Philadelphia, PA – One year ago this week Lehman Brothers collapsed in New York and the ripple effect began to spread to Pennsylvania. Today, as the President speaks in New York City on the need for strong financial regulations to protect consumers, Pennsylvanians need Congress to pass H.R. 3126, the Consumer Financial Protection Agency Act.

News Release | Financial Reform

House Passes Credit Cardholders’ Bill of Rights

WASHINGTON, April 30, 2009 – Statement from PennPIRG's federal Consumer Advocate Ed Mierzwinski on the passage of the Credit Cardholders’ Bill of Rights by the U.S. House of Representatives on Thursday.

News Release | Financial Reform

We're Deeply Disappointed with Wall Street Bailout

U.S. PIRG is deeply disappointed that Congress punted on enacting critical protections for taxpayers and homeowners in the Wall Street bailout legislation passed today.

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