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Recently released minutes of the July meeting of the Federal Open Market Committee, comprised of Fed governors and regional Fed Bank presidents, show its concern that Wall Street reform rollbacks proposed by Congress, Treasury Department and the White House could allow "a reemergence of the types of risky practices that contributed to the crisis." Meanwhile, Fed vice-chair Stanley Fisher repeated his warnings that risks from the proposed rollbacks were "mind-boggling."

Driving in Massachusetts can be deadly. More deadly than ever before, according to new data released by the National Safety Council (NSC). The new data show that in Massachusetts, there were 180 motor-vehicle fatalities from January 2017 through June 2017, a 46 percent increase compared to the same period in 2013. What accounts for the increase in the death toll? Well, more people are driving more miles. According to the NSC, the increase in fatalities in 2017 likely results from the improving economy and low gas prices. Both of those factors lead to more traffic, as more people commute to work and can afford to drive farther and take vacations. What is most frustrating about the increase in motor-vehicle deaths is that it is largely preventable. Investing in roads that are designed to calm traffic and increase options for people walking, biking and taking transit is not only a more efficient use of limited financial resources—it will saves lives. In short, if we shift our transportation policies to incentivize non-motor-vehicle modes of travel, fewer people will die.

Well, Well, Wells Fargo! Poster Child for Defending CFPB, Dodd-Frank.

By | Ed Mierzwinski
Consumer Program Director

As the big Wall Street banks, payday lenders and other opponents of consumer protection intensify pressure on Congress to weaken financial reform and gut the CFPB like a fish, numerous reports of further Wells Fargo malfeasance serve as a warning that the Consumer Financial Protection Bureau and the rest of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act are needed more than ever.

CFPB Finds So-Called Overdraft Protection Costs Some $450/Year

By | Ed Mierzwinski
Consumer Program Director

This week, the Consumer Financial Protection Bureau (CFPB) rolled out draft "Know Before You Owe" disclosures for banks marketing so-called "Standard Overdraft Protection," a controversial product that requires consumers to "opt-in" for the "privilege" of overdrafting debit and ATM transactions for a so-called convenience fee averaging $34. It also  released a study that finds that at-risk consumers who opt-in pay $450/year more in fees than other at-risk consumers.

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