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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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Report | OSPIRG Foundation | 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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Blog Post | Consumer Protection

Good news! CFPB Adding Consumer Ratings of Company Responses to Complaint Database | Ed Mierzwinski

The CFPB is making a good public consumer complaint database better. In 2015, the CFPB added optional consumer narratives, or stories, to its public consumer complaint database, giving other consumers, researchers and even other firms a new way to help study complaint patterns. Now, it will give consumers a chance to “rate the company’s handling of his or her complaint on a one-to-five scale and provide a narrative description in support of the rating.”

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News Release | U.S. PIRG | Public Health

More Than 350,000 Urge KFC to Prevent Abuse of Antibiotics in Its Chicken Supply

Today, representatives from the U.S. Public Interest Research Group (U.S. PIRG), the Natural Resources Defense Council (NRDC) and the Food Animals Concern Trust (FACT) will deliver more than 350,000 petitions from consumers nationwide to Kentucky Fried Chicken’s (KFC) headquarters in Louisville, while calling on the nation’s largest fried chicken chain to end the routine use of antibiotics by chicken producers in its supply chain. The petition signatures were also collected by the Center for Science in the Public Interest and CREDO Action. 

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News Release | OSPIRG Foundation | Financial Reform

New Report Identifies Most Troublesome Private Lenders to Students

Thousands of student loan borrowers are using the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database to settle disputes about private student loans, according to a new report from OSPIRG Foundation.

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Media Hit | Democracy

"Without campaign donation limits, voters disenfranchised"

This summer, the Oregon Legislature passed a bipartisan resolution calling on Congress to pass a constitutional amendment to allow for limits on the money

raised and spent for political purposes, making Oregon the 16th state to pass such a measure. Despite the effort, the problem of money in politics could become

substantially worse depending on the outcome of an upcoming court case.

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News Release | OSPIRG | Consumer Protection

Five Tips for Students on Finding the Right Bank

As college students return to campus this month, many of them will be opening a bank account for the first time. To help students find the right bank and avoid overdraft charges, ATM fees and other tricks and traps, OSPIRG released a new resource, "Finding the Best Bank for Your Buck on Campus."

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News Release | OSPIRG Foundation | Consumer Protection

Report: Wells Fargo Tops Consumer Complaint List

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 OSPIRG Foundation. The report highlights banks that generated the most complaints through their various banking services in each state.

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News Release | OSPIRG Foundation | Transportation

New Report Shows Oregonians Are Driving Less

Oregonians have cut their per-person driving miles by 11.05 percent since 2005, while the nation’s long term driving boom appears to have ended, according to a new report from the OSPIRG Foundation. Oregon’s decline is driving is well ahead of the national average of 6.87 percent.

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Report | OSPIRG Foundation | Health Care

More For Your Money

The Oregon Health Fund Board's draft plan's consumer-friendly cost containment provisions have the potential to cut health care costs an estimated $5.4 billion over ten years.

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Report | OSPIRG Foundation | Transportation

A Better Way to Go

Our transportation system is increasingly out of step with the challenges of the 21st century.  Clean, efficient transit service already saves billions of gallons of oil each year, reduces traffic congestion in our cities, and curbs emissions of pollutants that cause global warming.

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Report | OSPIRG Foundation | Financial Reform

Mistakes Do Happen

The most valuable thing we have is our good name. The most common reflection of our reputation as a trustworthy consumer is our credit report. Unfortunately, the information contained in our credit reports, which are bought and sold daily to nearly anyone who requests and pays for them, does not always tell a true story.

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Blog Post | Consumer Protection

Consumer Watch - Free Tax Prep at Walmart? | Brian Rae

HR Block has teamed up with Wal Mart to offer in store free tax prep, however it is “free” for clients that filed a 1040 EZ, just 16% of their clients. This does not include taxpayers with kids, any requesting the earned income tax credit or any non standard deductions. 

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Blog Post | Health Care

Regence Rate Increase Hearing | Matt Orchant

Health insurance premiums are going up again. The latest request for a rate hike came from Regence for their small group plans. The average increase requested over the next year will be 8%, but some businesses will see increases in excess of 15%. At OSPIRG, we’re concerned that Regence has not adequately justified this increase request.

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Blog Post | Consumer Protection

President’s Recess Appointment Gives Watchdog Teeth It Needs To Protect ConsumersBrian RaeEd Mierzwinski

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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Blog Post | Consumer Protection

Consumer Watch: Web Piracy and a Critical Consumer Vote | Brian Rae

Stop Web Piracy? There has been much online talk about the internet piracy act being considered by Congress. Consumer groups have thrown their hat into the ring to express concern that the bill could close off online exchanges that provide lower prices for consumers, reduce online security, and allow for anti-consumer practices by online service providers

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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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