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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 | NJPIRG Law & Policy Center | 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 | NJPIRG | Public Health, Transportation

New Safety Recommendations a Good Step Forward

Statement of Jen Kim, NJPIRG State Director on new NTSB recommendations for oil transport on trains.

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News Release | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Report: Capital One Most-Complained-About Credit Card Company in NJ

New Jersey consumers file more complaints about Capital One than any other credit card company, according to a report released today by NJPIRG Law & Policy Center. The report, which looked at data from the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database, also found that New Jersey consumers are 5th most likely to file credit card complaints.

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News Release | NJPIRG | Consumer Protection, Financial Reform

New CFPB rules will protect homebuyers and homeowners

On Friday, January 10, new Consumer Financial Protection Bureau (CFPB) rules will go into effect that will help protect homeowners and homebuyers from the mortgage abuses that led to the housing crisis. In particular, consumers will get protections from lenders that make risky loans without checking a borrower’s income, assets, or ability to repay a loan. 

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News Release | NJPIRG Law & Policy Center | Transportation

Report Shows Newark/NYC Region Driving Less, Using Transit and Alternatives More

A first-of-its-kind report by the NJPIRG Law & Policy Center shows reduced driving miles and rates of car commuting in New Jersey’s urbanized areas—including the Newark/NYC and Philadelphia areas—and greater use of public transit and biking.

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News Release | NJPIRG Law & Policy Center | Public Health, Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to the New Jersey Public Interest Research Group’s 28th annual Trouble in Toyland report.  The survey of hazardous toys found that despite recent progress, consumers must still be wary when shopping this holiday season.

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Blog Post | Financial Reform

Financial follies update: Discover Card pays deceptive marketing penalty | Ed Mierzwinski

Discover Card has paid a $14 million civil penalty to the CFPB and FDIC, plus refunded over $200 million to ripped-off consumers, in the latest case involving useless, junk credit insurance and credit monitoring add-ons that consumers didn't buy, but pay for, to credit card bills. Read more for that and other weekend financial follies.

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Blog Post | Budget, Food

Farm Bill Still Giving Corporate Handouts to Big Ag

The U.S. Senate passed its version of the 2012 Farm Bill, and clearly it is still business as usual. The Farm Bill continues its bad habit of subsidizing a few commodity crops like corn and soy to the tune of billions of dollars. Current subsidies go to the largest agribusinesses, with three quarters of the subsidy payments going to fewer than 4% of U.S. farmers.

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Blog Post | Tax

Letter from Congressman Frank Pallone on the Stop Tax Haven Abuse Act | Gideon Weissman

Letter from Congressman Frank Pallone to NJPIRG, announcing that he will become a cosponsor of H.R. 2669, the Stop Tax Haven Abuse Act.  This bill will close a tax loophole that costs the American public more than $100 billion every single year.  For more on NJPIRG's work on fair tax policy, see our tax issue page here: http://njpirg.org/topics/tax

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Blog Post | Democracy

Disempowered Bankers Start Super PAC, Reveal Plans for World Domination

While I am highly skeptical of the sentiment that "Congress is not afraid of bankers", given that banking lobbyists outnumber banking reform advocates 25-1 and that the Chairman of the Senate Financial Services Subcommittee seems to believe that "the banks own the place," the most ridiculous thing about members of the American Bankers Association's announcement of the industry's new Super PAC may be their willingness to reveal its strategy for skirting the non-coordination rules. This speaks volumes about how the industry thinks about its involvement in politics.

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Blog Post | Democracy

Making Super PACs Illegal | Gideon Weissman

Polling shows that almost 7 out of 10 voters believe that super PACs, the independent expenditure only committees created in the wake of the Supreme Court’s disastrous Citizens United decision, should be illegal. Unfortunately, due to the Court’s backwards interpretation of the first amendment, we cannot legislate away super PACs today. However, there are some very important steps that every level of government – from your city council to the White House - should take right now to mitigate the impact of super PACs before the 2012 election.

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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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