Consumer Protection

On the Internet, Everyone Knows If You're A Big Dog, Or Just A Dog

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

A Wall Street Journal story today has everyone talking about how Internet sites use profiles and cookies to offer different customers different offers, or the same product for different prices. On the Internet today, everybody knows whether you're a big dog, or just a dog.

Could portable bank account numbers ease moving your money?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

PIRG "Big Banks, Bigger Fees" reports have documented the many so-called "switching costs" problems consumers face when trying to move their money to a new bank (or credit union). Account number portability, which has worked well for phone company switching, could be a part of the solution.

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.

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

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

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.

NY Investigates Banks "Forcing" Consumers To Buy Overpriced Mortgage Insurance

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

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.

CFPB takes first step to eliminate forced arbitration and other consumer news

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Today the Consumer Financial Protection Bureau took an important first step toward protecting consumers from mandatory arbitration clauses, which are boilerplate sentences in bank account and other contracts that crush consumer legal rights. ... Meanwhile, the New York Times follows up on a lawsuit by the Minnesota Attorney General Lori Swanson against a medical debt collector that blocks and tackles consumers trying to get through hospital emergency room doors. But it gets better. That debt collector just happens to be owned by the same hedge fund that owned a supposedly neutral (not) forced arbitration mill known as NAF and favored by the big credit card companies.   ...  Also today, the World Privacy Forum announced updates to its helpful pages on medical identity theft.

News Release | U.S. PIRG Education Fund | Consumer Protection

Bagged Lettuce Recall and Fresh Produce Inspections

The Agriculture Department’s tiny $5 million Microbiological Data Program screens high-risk fresh produce throughout the year for bacteria including Salmonella, E. coli and Listeria. Cutting this program will leave public health officials without a crucial tool used to investigate deadly foodborne illnesses in fresh produce leaving inspections in the hands of produce producers.

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