Financial Reform

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Paying Taxes, Safe and Sound

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CFPB to announces overdraft fee investigation, unveiling "penalty box" disclosure, possibly ending $39 lattes.

Wednesday, February 22, 2012

By Ed Mierzwinski Elizabeth Weyant

At a news conference in NYC today, Director Richard Cordray of the new Consumer Financial Protection Bureau (CFPB) will announce a major investigation of bank overdraft fee practices and propose a model "penalty box" disclosure to appear on bank statements. The investigation could end the $39 latte-- $4 bucks for the coffee, $35 for the debit card overdraft fee.

Financial Reform

News Release | MASSPIRG | Financial Reform

Victory for the American Public, first step to making Big banks accountable

Banks will make $25 billion downpayement on penalties owed to the American people in a robo-signing lawsuit settelement, and they can still be held accountable for other violations. MASSPIRG Attorney comments on this victory for the American public.

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News Release | MASSPIRG | Consumer Protection, Financial Reform

President Gives Consumer Watchdog the Teeth it Needs

MASSPIRG Applauds Bold and Important Recess Appointment of Richard Cordray to Head New Consumer Financial Protection Bureau

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News Release | MASSPIRG | Consumer Protection, Financial Reform

MASSPIRG urges Senator Brown to vote for Wall Street Reform

We are here today to urge Congress to pass the Wall Street Reform and Consumer Protection Act approved last Friday in Conference Committee.

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News Release | MASSPIRG | Consumer Protection, Financial Reform

AG Coakley Announces Big Bank Foreclosure Suit

The reckless and predatory Wall Street practices collapsed our economy in 2008, causing trillions of dollars in lost savings, jobs and home ownership. Today, Massachusetts Attorney General Martha Coakley filed suit against five national banks in connection with their roles in pursuing illegal foreclosures on properties in Massachusetts.

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News Release | MASSPIRG | Financial Reform

Insurers Barred from Using Credit Scores In Setting Auto Insurance Rates

MASSPIRG is continuing to push for reforms prohibiting insurers from using other rating factors not related to consumers’ driving record including type of employment, and home ownership.

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Issue | Financial Reform

Reining in Wall Street

We’re fighting for a financial regulatory system that guarantees consumers and taxpayers are protected from the predatory practices at the heart of this problem.

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News Release | MASSPIRG | Consumer Protection, Financial Reform

Bank of America Cancels Monthly Debit Card Fees As Consumers Vote With Feet

When Bank of America recently announced its $5 monthly debit card fee, MASSPIRG called it excessive. We also reminded consumers that if ever there was a time to find a new local bank or credit union this would be it.