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At a news conference in NYC today, Director Richard Cordray of the new Consumer Financial Protection Bureau (CFPB) will announce a major investigation of bank overdraft fee practices and propose a model "penalty box" disclosure to appear on bank statements. The investigation could end the $39 latte-- $4 bucks for the coffee, $35 for the debit card overdraft fee.

Proposal for the State Investment Council of New Jersey

By | Gideon Weissman
Program Associate

Proposal presented to the State Investment Council of New Jersey on January 26th, 2012: The New Jersey Investment Council should institute a formal policy of supporting shareholder proxy votes that increase disclosure of political contributions.  

To lessen online banking risks, lessen consumer liability risks

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In addition to a story on the Zappos' hack, the New York Times also has an editorial "Convenient, but How Secure?" on the growth of online banking and new regulations being implemented that should lessen fraud loss risk.

President Obama took a bold and important step this week, standing up for student consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau (CFPB). The president's action means that the CFPB now has all its powers to protect students from unfair financial practices that pile on student debt, including lenders offering dangerously expensive private student loans and aggressive credit and debit card marketing.

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