Financial Reform

Don’t let Sacklers off the hook for role in opioid crisis

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

We’re backing legislation to prevent the billionaire Sackler family from using the corporate bankruptcy of its company Purdue Pharma (makers of Oxycontin and other opioids) to avoid personal liability in ongoing lawsuits by some 24 state Attorneys General attempting to bring some justice to the families of the victims of the opioid crisis. Congress will hold a hearing Tuesday, June 8 at noon ET.

Credit CARD Act of 2009 didn’t break the world, it fixed a broken marketplace

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Twelve years ago today I was in the Rose Garden for the signing of the Credit CARD Act. It ended many unfair practices by banks intended to gouge consumers.

Bipartisanship Works in State Attorneys General Lawsuits Against Big Tech’s Google and Facebook

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

Dating App Grindr Fined Over $11M By Norwegian Agency and Other BigTech News

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In January, the Norwegian Data Protection Authority fined the dating app Grindr over $11 million for violating its users' privacy. In January 2020, U.S. PIRG and others had asked the FTC to investigate Grindr and other dating and health apps, but the agency has not taken action. In other news: January 2021, our coalition also asked the FTC to investigate the alleged difficulty of cancelling an Amazon Prime membership. Oh, and we've also urged Senate leaders not to give BigTech lobbyists any senior antitrust jobs!

News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

News Release | U.S. PIRG | Financial Reform

FTC Complaint: Ending an Amazon Prime Membership Is a Deceptive, Unlawful Ordeal

U.S. PIRG joins Public Citizen and others urging FTC to investigate cancellation practices at Amazon Prime, based on findings of report by Norwegian Consumer Council.

Should we fire the Big 3 credit bureaus?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

News Release | U.S. PIRG | Financial Reform

Federal regulators, states file antitrust lawsuits against Facebook

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

News Release | U.S. PIRG | Financial Reform

CFPB Approves Modified Final Debt Collection Rule

On Friday, the CFPB released a modified final version of its Debt Collection Rule, although it delayed action until December on one of its most controversial provisions, allowing collection of  time-barred zombie debt. A statement by Consumer Program Associate Lucy Baker follows.

Voters support strong CFPB, strong protections against Wall Street, payday lenders

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

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