Financial Reform

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?

NYT Points Out Overdraft Fees Still A Problem

By | Ed Mierzwinski
Consumer Program Director

A major article in today's New York Times, "Overdraft Practices Continue to Gut Bank Accounts and Haunt Customers," points out that while 2010 reforms put in place by the pre-CFPB regulators have helped, there's still work to be done to protect consumers from unfair overdraft practices. While years ago banks used "bounced check" fees to deter what was then seen as a negative behavior, more recently they have encouraged overdrafts by offering "standard overdraft protection" as if it is a feature, not a bug. They've made billions.

Digital Data and Consumer Protection: Ensuring a Fair and Equitable Financial Marketplace

Below find links to reports and other work on our Data and Consumer Protection project. Americans face new challenges and opportunities to their financial security as our economy is transformed by the convergence of digital media with “Big Data” technologies. Our use of mobile phones, social media, “apps,” and other online tools have created new ways for us to spend, save and borrow money. Powerful forces are at work, however, that can undermine a consumer’s ability to make the best choices and may place those already financially at risk even more vulnerable.

Media Hit | Financial Reform

Credit Bureaus’ Deal to Improve Accuracy ‘Huge’ for Consumers

(Bloomberg) -- Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.[...] “It’s a sea change in the way the credit bureaus treat complaints,” said [U.S. PIRG's Ed] Mierzwinski. “The credit bureaus have been run by computers for years now. They’re going to have to hire more people and actually verify that what a creditor said is true.”

UPDATED (9 Feb.) Retail store data breaches make a mess, but an easy one to clean up and the few consumers who become fraud victims are quickly made whole. The Anthem hackers, on the other hand, reportedly obtained a mother lode of information that could be used to commit a variety of serious frauds, including obtaining your tax refund. Read our tips here. Here's the first: Don't click on any emails claiming to be from Anthem; some may be malicious.

Credit bureau complaints bring relief for 30 percent

The Missouri Public Interest Research Group Foundation studied the 10,000 complaints filed against credit bureaus since the federal Consumer Financial Protection Bureau began collecting them in October of 2012.

News Release | MoPIRG Foundation | Financial Reform

New Report Identifies Banks Consumers Complain About Most

Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the MoPIRG Foundation. The report highlights banks that generated the most complaints through their various banking services in each state.

Report | MoPIRG Foundation | Financial Reform

Big Banks, Big Complaints

This report is the first of several that will review complaints to the Consumer Financial Protection Bureau nationally and on a state-by-state basis. In this report we explore thousands of consumer complaints about bank accounts and services with the aim of uncov­ering patterns in the problems consumers are experiencing with their banks.

Report | MoPIRG and Citizens for Tax Justice | Financial Reform

Representation Without Taxation

Marking the second anniversary of the Supreme Court’s decision in the Citizens United vs. Federal Election Commission case, this report takes a hard look at the lobbying activities of profitable Fortune 500 companies that exploit loopholes and distort the tax code to avoid billions of dollars in taxes.

Report | MoPIRG | Financial Reform

Tax-Increment Financing: The Need for Increased Transparency and Accountability in Local Economic Development Subsidies

Tax-increment financing (TIF) has been a widely used tool for municipalities seeking private investment. TIF allows cities and towns to borrow against an area’s future tax revenues in order to invest in immediate projects or encourage present development. When used properly, TIF can promote enduring growth and stronger communities for blighted neighborhoods; but TIF can also end up wasting taxpayer resources or channeling money to politically favored special interests.

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