News Releases

News Release | U.S. PIRG | Financial Reform

CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

We join National Consumer Law Center, Americans for Financial Reform and other leading groups in a release commending the appointment of senior Pentagon official Colonel Paul Kantwill (U.S. Army, Retired) to lead the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs. The CFPB plays an important role in protecting servicemembers, veterans and their families from financial predators.

News Release | CALPIRG Education Fund | Financial Reform

Big Banks Make Billions on Overdraft Fees

Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and non-sufficient funds fees, an increase of 3.6 percent over the same period in 2015. “Banks that relied most heavily on overdraft revenue had more complaints to the Consumer Financial Protection Bureau in the complaint category “account funds being low,” said Ruth Rothstein, a consumer advocate with CALPIRG Education Fund. “It’s clear that we need to protect a strong CFPB to make sure banks are following the law.”

News Release | CALPIRG Education Fund | Consumer Protection

Yahoo Data Breach Presents Opportunity for Strong Response

Although it failed its responsibility to protect its users, Yahoo has an opportunity to provide the most consumer friendly response to likely the largest breach of its kind by alerting its users to the benefits of credit freezes and offering to pay for credit freezes with all three major national credit bureaus.

News Release | U.S. PIRG | Financial Reform

Overdrafts continue to hit students hard on campus

Today, the Consumer Financial Protection Bureau (CFPB) released a report shining a spotlight on contracts between banks and colleges to promote debit cards on campus.  Students continue to get hit hard with overdraft fees attached to their campus bank accounts. According to the report, nearly one in ten consumers in the population with student accounts incurred 10 or more  overdrafts per year, paying, on average, $196 in overdraft fees alone. Below is a detailed analysis by US. PIRG's Chris Lindstrom, who championed the protections that the CFPB is reporting on. This report is one more example of why we need a strong CFPB. 

News Release | U.S. PIRG | Consumer Protection

Consumer Advocates Concerned By Court Ruling Overturning Ban on High-Powered Magnets

We've joined leading consumer and pediatrician organizations in a joint news release with a sharp critique of a U.S. appellate court decision overturning a U.S. Consumer Product Safety Commission ban on the sale of high-powered small magnets (some as small as BBs) that pose a severe ingestion problem for children and youth. As our Trouble In Toyland report released on November 22 pointed out: "Nearly 80 percent of high-powered magnet ingestions require invasive medical intervention, either through an endoscopy, surgery, or both. In comparison, only 10 to 20 percent of other foreign body ingestions require endoscopic intervention and almost none require surgery."

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