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CFPB seeks your views on prepaid cards, including campus cards featured in our latest report | Ed Mierzwinski

The CFPB wants your views on general purpose reloadable prepaid cards. Some of the campus cards featured in U.S. PIRG Education Fund's new report, the Campus Debit Card Trap, are prepaid cards, others are debit cards, and there is a difference.

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News Release | U.S. PIRG Education Fund | Higher Ed

BANKS SKIM MILLIONS IN FEES FROM STUDENT AID USING DEBIT-CARD-LINKED STUDENT IDS

Washington, D.C. – Over 9 million students are at risk for increased educational debt, due to bank-affiliated campus debit cards that come with high fees, insufficient consumer protections, and few options.  Financial institutions now have affinity partnerships with almost 900 campuses nationwide, grafting bank products onto student IDs and other campus cards to become the primary recipient of billions in federal financial aid to distribute to students.

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Report | U.S. PIRG Education Fund | Higher Ed

The Campus Debit Card Trap

Banks and other financial firms are taking advantage of a variety of opportunities to form partnerships with colleges and universities to produce campus student ID cards and to offer student aid disbursements on debit or prepaid cards. In addition to on-campus services, such as student ID functions offered on the card, some cards offer traditional debit card services linked to bank accounts; other cards provide additional reloadable prepaid card functions. The disbursement of financial aid and university refunds is the most significant partnership identified.

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Blog Post | Consumer Protection

CFPB holds field hearing on prepaid cards-- all the fees, none of the protections | Ed Mierzwinski

Several members of the PIRG-backed Americans for Financial Reform are among the witnesses at a field hearing on prepaid cards that the Consumer FInancial Protection Bureau holds at noon today in Durham, NC. While reloadable prepaid cards are growing fast as an option for convenience, for the unbanked and for distribution of government and student benefits, so-called general purpose reloadable prepaid cards sold under a variety of brands have fewer consumer protections than credit cards (gold standard), debit cards (fewer protections), and payroll, government benefit and gift cards (some protections).The CFPB will announce a advance notice of proposed rulemaking to improve the situation.

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Blog Post | Consumer Protection

NY Investigates Banks "Forcing" Consumers To Buy Overpriced Mortgage Insurance | Ed Mierzwinski

It's called force-placed insurance for a reason. Your mortgage lender buys it for you and you are forced to pay for it, even if it isn't the best deal for you. When lenders purchase a product to "benefit" consumers, they often have numerous incentives to make the more expensive, not less-expensive, choice due to what's called reverse competition. That's a bad deal for you and a bad deal for the economy, but a good deal for the kind of sordid crony capitalism that relies on kickbacks, not better products. Fortunately, the New York Department of Financial Services (both banking and insurance) and the CFPB are both taking a deep dive into the forced-place-insurance mess.

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Report | U.S. PIRG Education Fund

Every state, with the exception of Florida, has now published its plan to spend the money being received as part of the Volkswagen emissions violations settlement. This scorecard grades each state’s plan on how well it is designed to take full advantage of the opportunity to invest in transportation electrification.

News Release | U.S. PIRG

U.S. PIRG celebrated the 10th anniversary of the passage of the groundbreaking Credit CARD (Credit Card Accountability Responsibility and Disclosure) Act today by joining with the law’s chief sponsor Rep. Carolyn Maloney (NY) at a U.S. Capitol press conference.

News Release | US PIRG

A state jury in Oakland decided that the use of Roundup by a California couple for residential landscaping over a 30 year period was a “substantial factor” that led to them developing non-Hodgkin’s lymphoma.

Report | U.S. PIRG Education Fund

Infrastructure is at the heart of America’s greatest challenges. The infrastructure investments made by generations past have contributed to improved health and welfare, and to the nation’s unparalleled economic prosperity. But the infrastructure decisions of the past have also cast a long shadow, leaving America to deal with the burden of lead water pipes that jeopardize our children’s health, fossil fuel pipelines that contribute to global warming, and transportation and solid waste infrastructure that no longer serve today’s needs.

News Release | U.S. PIRG Education Fund

Three years after candidates from both parties made infrastructure a key presidential campaign issue, it’s finally the long-awaited “infrastructure week.” Democratic congressional leaders and the White House announced two weeks ago that they would commit $2 trillion to the cause. But a new report from U.S. PIRG Education Fund, Environment America Research & Policy Center and Frontier Group cautions that before allocating that money, our elected officials need to determine which investments will alleviate the most dire problems America faces as a result of crumbling or outdated infrastructure -- climate change, pollution and threats to public safety.

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