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News Release | U.S. PIRG | Financial Reform

Consumers Should Demand Security Freezes After Massive Yahoo Breach

In the wake of the recently-announced Yahoo data breach -- apparently the largest security breach ever, exposing the personal information of 500 million consumers -- PIRG offers consumer tips, demands that Yahoo provide free security freezes to affected consumers who could be at risk of "phishing" schemes to commit fraud on existing accounts or open new fraudulent accounts.  We also ask: Why did it take Yahoo two years to notify the public?

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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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News Release | MoPIRG | Transportation

Obama Budget Seeks Major Boost in Transportation Investment

Statement by MoPIRG Senior Tax and Budget Analyst Phineas Baxandall, on the Obama administration’s FY 2012 transportation budget proposal, which includes a major increase in transportation funding and an $8 billion annual investment in high-speed rail.

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News Release | MoPIRG | Transportation

Vice President Biden Unveils Bold New High Speed Rail Plan

Statement of MoPIRG Federal Transportation Advocate, Dan Smith, who was an invited guest at Vice President Joseph Biden and Secretary of Transportation Ray LaHood’s announcement that the administration plans to invest $53 billion over the next six years in high-speed rail.  

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News Release | MoPIRG | Transportation

Obama’s Goal: Connecting 80 Percent of Americans with High-Speed Rail

Statement of MoPIRG Transportation Associate Dan Smith on President Obama’s remarks on infrastructure as prepared to deliver in the State of the Union Address.

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News Release | MoPIRG | Health Care

Health Care Repeal Would Have Costly Consequences for Missouri Consumers and Small Businesses

Consumers and small businesses in Missouri will face significantly higher insurance premiums and could see costly coverage denials and price discrimination if efforts to repeal the federal health care law prevail in Congress or in the courts, according to The Cost of Repeal: Examining the Impact on Missouri of Repealing the New Federal Health Care Law, a new report released today by MoPIRG. 

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News Release | MoPIRG | Budget

Toward Common Ground: Bridging the Political Divide to Reduce Spending

WASHINGTON – As a federal commission continues to debate recommendations for addressing future federal deficits, a new study released today by the U.S. Public Interest Research Group (U.S. PIRG) and the National Taxpayers Union (NTU) provides the panel with a great place to start: more than $600 billion of spending cuts with appeal across the political spectrum.

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