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Blog Post | Consumer Protection

Will Wells Fargo CEO Tell Senate "No Clawbacks" of Exec's Golden Parachute? | Ed Mierzwinski

Wells Fargo CEO John Stumpf goes before the Senate Banking Committee Tuesday (9/20) to explain the recent $185 million in combined civil penalties by the CFPB and other regulators over a sales goals incentive scandal that led to employees opening some 2 million fake, secret accounts without the knowledge of customers. How will he respond to the growing public clamor for a clawback of bonuses paid his top retail executive Carrie Tolstedt, whose retirement with a $125 million golden parachute package had been announced earlier this summer? 

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Blog Post | Consumer Protection

Wall Street Ramps Up Attacks on Wall Street Reform | Ed Mierzwinski

On Friday, the House overwhelmingly approved a Wall Street-driven proposal to weaken oversight of private equity firms, taking a chunk out of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. But wait, there's so much more: On Tuesday the House Financial Services Committee takes up the so-called "Financial Choice Act," which eviscerates most of Dodd-Frank's key reforms, from stripping powers of the Financial Stability Oversight Council to repealing the Volcker Rule, which reins in risky betting practices that use depositors' money. As for the CFPB (which just this week issued its biggest fine to date, $100 million against Wells Fargo Bank for opening hundreds of thousands of fake and secret consumer accounts to meet sales goals), the proposal would defund and defang it and delay or stop its efforts to rein in unfair practices of payday lenders, debt collectors and banks. Many of the Financial Choice Act's provisions also pose threats as budget bill "riders."

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News Release | U.S. PIRG | Consumer Protection

CFPB Issues Record $100 Million Fine on Wells Fargo For "Beyond Outrageous" Sales Practices

On September 8 the CFPB announced a record $100 million civil penalty plus consumer restitution against Wells Fargo, among the  nation’s largest banks, for a series of unfair and abusive sales practices by “thousands” of employees that included opening “secret” accounts for “hundreds of thousands” of existing customers, solely to meet sales goals to receive financial incentives. The CFPB action was joined by simultaneous orders announced by the U.S. Office of the Comptroller of the Currency (OCC) ($35 million civil penalty) and the City of Los Angeles ($50 million civil penalty). Our statement follows.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Report: Analysis of Payday Complaints Reveals Need for Stronger Federal Protections

Consumer complaints about payday loans to the Consumer Financial Protection Bureau (CFPB) show a critical need for strengthening the agency’s proposed rule to rein in payday loans and other high-cost lending, according to a report released today by the U.S. PIRG Education Fund.

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Report | Iowa PIRG Education Fund | Consumer Protection

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the Consumer Financial Protection Bureau. In this report, we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans.

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News Release | Iowa PIRG Education Fund | Food

Total Food Recall

Des Moines, October 30 – Despite government commitments to address the problem, food recalls are on the rise and our food safety systems are broken, according to a new report by U.S. PIRG.  Contaminated food makes 48 million Americans sick every year and costs over $77 billion in aggregated economic costs.  In Iowa over the last 21 months, 17 people were made sick from foodborne illnesses linked directly to food recalls and the cost was $1,410,845.

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Media Hit | Safe Energy

Hands off Muscatine County

Virtually everyone in the standing-room-only crowd of about 75 people who turned out to talk about Iowa’s energy future wanted the same thing — to stop MidAmerican Energy Company from building a nuclear plant near Wilton.

A nearly unanimous show of hands about halfway through Tuesday evening’s meeting in Muscatine made the crowd’s opposition clear.

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News Release | Iowa PIRG Education Fund and Demos | Democracy

Million-Dollar Megaphones

US PIRG Education Fund and Demos team up to shed light on outside spending, secret money and super PACs in the 2012 election.

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News Release | Iowa PIRG | Safe Energy, Transportation

New Coalition Sets High Goals for Job Creation and Cost Savings

Today, leaders across Iowa revealed a plan to create 20,000 new clean energy jobs and save consumers at least $1 billion per year by 2020 through investment in renewable energy, energy efficiency, and transportation priorities. Working as part of a coalition consisting of over thirty local organizations and businesses, Iowa Renewable Energy Jobs 2020 (IREJ2020) emphasizes the role of energy and transportation solutions in re-building Iowa’s workforce and economy.

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Media Hit | Higher Ed

PIRG Makes Another Call to Stop Student Loan Interest Rate Hike

As the clock ticks down to a student loan interest rate hike - Iowa PIRG, students, and financial aid officers from local colleges speak out on the impact to students and recent graduates entering the workforce. If Congress does not find a solution by July, an estimated 255,000 students enrolled in colleges and universities across Iowa will shoulder an additional one-thousand dollards per year in school.

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Blog Post | Consumer Protection

Encouraging news on HUD/state AG settlement with big mortgage servicers | Ed Mierzwinski

The terms of the settlement, which was announced this morning, are at the page http://www.nationalmortgagesettlement.com. We are reading it now. Original: If I am reading the overnight news stories correctly (NY TIMES and Politico and Boston Globe), it appears that negotiators have clarified that the well-publicized settlement between HUD and state AGs and the nation's 5 largest mortgage servicers will not release the big banks from claims related to their activities with the mysterious entity known as MERS that aided and abetted their illegal foreclosures. If so, this is a big deal in ultimately holding the big banks fully accountable.

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Blog Post | Consumer Protection

CFPB's Cordray to Highlight Achievements/Goals Today In Senate | Ed Mierzwinski

The Senate Banking Committee will hold an oversight hearing today at 10 am (live video) on the Consumer Financial Protection Bureau's semi-annual report to Congress. The witness will be CFPB director Rich Cordray, who received a PIRG-backed recess appointment from the President on January 4th. Expect some CFPB opponents on the committee to boycott; others to show up.

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Blog Post | Consumer Protection

President’s Recess Appointment Gives Watchdog Teeth It Needs To Protect Consumers From Wall Street or Payday Lender Financial ShenanigansSonia Ashe

Kudos to President Obama for standing up for consumers this week by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus.

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Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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