Financial Reform

News Release | Travel Buddy Education Fund | Consumer Protection, Financial Reform

Equifax penalty is a “sweetheart deal” that leaves consumers at risk

Our response to Equifax paying a $650 million penalty for exposing the social security numbers of 148 million Americans to identity theft.

House Committee Takes Actions To Clean Up Credit Bureau Mistakes

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In committee votes this week and last week, the House Financial Services Committee sent a package of credit reporting reforms on to the House floor. It's the first major Congressional action to rein in the so-called Big 3 credit bureaus - Equifax, Experian and Trans Union - and other smaller, specialized bureaus and credit scoring companies, since 2003. The Big 3 national credit bureaus have been the most complained about financial firms to the CFPB for four years running, predating the massive Equifax data breach.

As CFPB Reviews Overdraft Rules, UK Regulator Makes Pro-Consumer Changes

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

As the CFPB conducts a ten-year regulatory review of the Overdraft Rule established by the pre-CFPB regulators in 2010, the UK's Financial Conduct Authority has announced sweeping changes to address what it calls a "dysfunctional" overdraft market. The US system prohibits overdraft fees on debit and ATM transactions unless you opt-in to fee-based "standard overdraft protection," but the fees average over $32 per overdraft and CFPB has accused some banks of deceptive marketing of the service. Meanwhile, the UK's FCA is banning fixed fee overdrafts and requiring UK banks to treat overdrafts as loans subject to reasonable interest rates. We've asked CFPB to ban overdrafts on debit and ATM transactions.

Consumer Privacy Fight In Congress Intensifies

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The media are reporting that efforts led by BigTech and BigPhone to push Congress to enact a self-serving umbrella privacy law on Capitol Hill are stalling. But that's only for now; they are still pushing hard. Pushback from legislators with stronger state laws is helping slow them down. So are the welcome efforts of civil rights colleagues to demand that digital and algorithmic decisions not discriminate. There's an important civil rights briefing later this afternoon on Capitol Hill. Learn more. 

State PIRGs Join National Consumer Lobby Day At Congress

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

State PIRG staff from around the country joined over 120 consumer advocates at the third annual Consumer Lobby Day today. Meetings with members of Congress and their staffs focused on protecting the Consumer Financial Protection Bureau's structure and funding while also opposing its current leadership's attack on a payday lending regulation drafted by its past director and his team.

Today, new CFPB director Kathy Kraninger testifies to Congress for the first time. The House Financial Services Committee will need to drill down with tough questions. Why? Kraninger's written pre-filed statement reads like an answer to a warped question from old television's Sergeant Joe Friday: "Just the irrelevant, off-point facts, ma'am." The committee should also look to the cogent testimony of consumer, civil rights, military family and student advocates also appearing today.

News Release | Travel Buddy | Financial Reform

Travel Buddy and Leading Groups Demand Real Privacy Protection and Digital Rights

Today, Travel Buddy joined leading consumer, privacy and civil rights groups to issue a Privacy Protection and Digital Rights Framework that must form the basis of any new federal privacy law. The release comes as a phalanx of big tech firms and their allies is urging Congress to instead enact a new law that serves them, but preempts stronger state laws and allows all current intrusive industry data collection, sharing and surveillance practices to continue unfettered by any aspect of consumer control or rights.

Mulvaney Lobs One Last Softball To Industry Opponents of CFPB

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

As the year 2018 came to an end, Travel Buddy, Americans for Financial Reform and AFR members filed the last in in a seemingly interminable series of Consumer Financial Protection Bureau Requests for Information. Although there was no clear intent to this "Data Collection" RFI, we, and allied academic scholars who filed a separate comment, both inferred it as another opportunity for industry opponents of the CFPB to attack the Bureau's consumer protection mission -- this time by challenging its collection and use of data to evaluate and respond to financial marketplace problems that harm consumers. 

Report | Travel Buddy Education Fund | Financial Reform

Positioned To Protect

With the CFPB under new management less interested in consumer protection and law enforcement, our new report highlights steps states, counties and cities are taking to protect consumers better. Coincidentally, the report was completed on the same day that the U.S. Senate confirmed Kathy Kraninger to a 5-year term as CFPB director. She replaces her mentor, the OMB director Mick Mulvaney, who has been serving as acting CFPB director for just over a year.

EU NGOs Blast Google Locational Data Collection as US Groups Blast FTC on Privacy

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Today, 7 member groups of the European Consumer Organization (BEUC) asked each of their national Data Protection Authorities to investigate Google Android's smartphone locational data collection practices following an investigative report by the Norwegian Consumer Council (Forbrukerrådet) finding that Google may be in violation of the new European GDPR privacy law. All the groups are members of the Travel Buddy-backed TransAtlantic Consumer Dialogue, which itself  followed up on the report and EU actions with a letter to the U.S. Federal Trade Commission. Meanwhile, as the Senate prepared for an afternoon FTC oversight hearing today where Facebook may be a focus, we joined leading groups in a separate letter to complain to the FTC about its biased staff report that adopts unsubstantiated industry claims in defense of an FTC call to the administration for weak baseline privacy choices. 

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