[This weekend, the Los Angele Times chronicled President Obama's consumer protection record, with heavy emphasis on the history and fight over the Consumer Financial Protection Bureau (CFPB):]
"[...] Launched in the wake of the 2008 financial crisis, the bureau is one of President Obama’s signature accomplishments. [...] “I think you have to consider him a tremendous president for consumers,” said Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group."
This story in The Nation explains our work challenging the way data brokers use "black box," or secret, algorithms to make scoring decisions that may violate the law and deny credit opportunities. This work was also the subject of our recent livestream event featuring Professor Frank Pasquale and his new book, "The Black Box Society." We've now posted an archive of that event, in 3 chapters on our Youtube page.
(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.”
Unlike earlier BP settlements related to the 2010 Deepwater Horizon oil spill in the Gulf, the November 2012 settlement forces the company to take responsibility for its crimes that tragically cost 11 workers’ lives and led to an environmental catastrophe - and this time, American taxpayers won’t be asked to pick up much of the tab.