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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 | RIPIRG 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 | RIPIRG | Food

Obama Budget Proposes Important First Cuts to Ag Subsidies

Statement of RIPIRG Federal Public Health Advocate Elizabeth Hitchcock on the President’s proposed 2012 budget, which includes more than $1 billion in cuts over five years to agriculture subsidies that are achieved by reducing the cap on Department of Agriculture direct payments and tightening eligibility standards.

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News Release | RIPIRG | Food

Cutting Ag Subsidies Key to Implementing USDA’s Dietary Recommendations

Statement of Elizabeth Hitchcock, RIPIRG Federal Public Health Advocate on the USDA’s announcement of new Dietary Guidelines for Americans.

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News Release | RIPIRG | Financial Reform

RIPIRG Applauds President For “Bold and Important” Recess Appointment of Richard Cordray To Head New CFPB

President Obama is taking a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

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News Release | RIPIRG | Food

USDA's New Performance Standards Should Bring Safer Poultry to Market

Statement of U.S. PIRG Public Health Advocate Liz Hitchcock: USDA's New Performance Standards Should Bring Safer Poultry to Market; Congress Must Reinstate Strong Enforcement Powers.

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Media Hit | Food

USA Today: 'Growing concern' over marketing tainted beef

Beef containing harmful pesticides, veterinary antibiotics and heavy metals is being sold to the public because federal agencies have failed to set limits for the contaminants or adequately test for them, a federal audit finds.

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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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