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Blog Post | Consumer Protection

Will Wells Fargo CEO Tell Senate "No Clawbacks" of Exec's Golden Parachute? | Ed Mierzwinski

Wells Fargo CEO John Stumpf goes before the Senate Banking Committee Tuesday (9/20) to explain the recent $185 million in combined civil penalties by the CFPB and other regulators over a sales goals incentive scandal that led to employees opening some 2 million fake, secret accounts without the knowledge of customers. How will he respond to the growing public clamor for a clawback of bonuses paid his top retail executive Carrie Tolstedt, whose retirement with a $125 million golden parachute package had been announced earlier this summer? 

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Recalled auto parts can be replaced, our lives cannot

FTC considering settlement allowing car dealers to sell unsafe cars. 

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Blog Post | Consumer Protection

Wall Street Ramps Up Attacks on Wall Street Reform | Ed Mierzwinski

On Friday, the House overwhelmingly approved a Wall Street-driven proposal to weaken oversight of private equity firms, taking a chunk out of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. But wait, there's so much more: On Tuesday the House Financial Services Committee takes up the so-called "Financial Choice Act," which eviscerates most of Dodd-Frank's key reforms, from stripping powers of the Financial Stability Oversight Council to repealing the Volcker Rule, which reins in risky betting practices that use depositors' money. As for the CFPB (which just this week issued its biggest fine to date, $100 million against Wells Fargo Bank for opening hundreds of thousands of fake and secret consumer accounts to meet sales goals), the proposal would defund and defang it and delay or stop its efforts to rein in unfair practices of payday lenders, debt collectors and banks. Many of the Financial Choice Act's provisions also pose threats as budget bill "riders."

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News Release | MASSPIRG | Consumer Protection

Record $100 Million CFPB Penalty Order Against Wells Fargo Bank For Illegal Sales Practices

On September 8 the Consumer Financial Protection Bureau (CFPB) announced a record $100 million civil penalty plus consumer restitution against Wells Fargo, among the nation’s largest banks, for a series of unfair and abusive sales practices by “thousands” of employees that included opening “secret” accounts for “hundreds of thousands” of existing customers, solely to meet sales goals to receive financial incentives. 

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News Release | MASSPIRG EDUCATION FUND | Higher Ed

ITT TECH CAN NO LONGER DECEIVE STUDENT BORROWERS

College’s harmful student practices cause it to shut down.

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News Release | MASSPIRG | Consumer Protection

MASSPIRG Demands Real Penalties for Volkswagen and Full Rebates for Customers

Volkswagen must be held accountable for its “defeat device” scheme to trick EPA pollution tests - and must provide rebates to all 500,000 customers deceived into joining the scheme by VW’s false promises of “clean” diesel cars.

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News Release | U.S. PIRG | Consumer Protection, Make VW Pay

We Launch “Make VW Pay Campaign” Over EPA Cheating Scandal

Today we launched a “Make VW Pay Campaign” as VW's CEO resigned over the scandal surrounding its "defeat device" scheme (and subsequent cover-up) to trick EPA pollution monitoring computers in nearly half a million diesel cars sold in the U.S. We are demanding a full rebate in buy backs to customers and other accountability.

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News Release | MASSPIRG | Food

MA Residents Turn Out in Large Numbers for GMO Labeling Hearing on Beacon Hill

Today, residents from across the Commonwealth filled the Gardner Auditorium of the State House to testify in support of  legislation that would ensure that all foods sold in Massachusetts that contain genetically engineered ingredients be clearly labeled. The Joint Committee on Environment, Natural Resources and Agriculture held a public hearing for H. 3242 - An Act establishing the genetic engineering transparency food and seed labeling act.

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Media Hit | Public Health

Subway needs hard plan for going antibiotic-free

MASSPIRG's David Melly calls on Subway to stop serving meat raised with antibiotics in a letter to the Cape Cod Times.

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Give a Hoot

Greater Boston's Night Owl service is endangered. Budget cuts and systematic under-funding of public transportation have put the Night Owl on the chopping block this spring. This report compares Greater Boston's nighttime public transportation service with that of other similar transportation systems across the country and finds that, out of eleven comparable systems, Boston is one of only two that do not offer some form of nighttime service on weeknights.

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Can You Hear Us Now?

In the summer of 2004, MASSPIRG surveyed 874 of its members to gauge Bay State consumers’ satisfaction with their cell phone service. This survey reveals that cell phone companies are not providing Massachusetts customers with the level of service quality that subscribers expect.

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Report | Center for Insurance Research | Consumer Protection

The Limitations of a Competitive Auto Insurance Market

Auto insurance markets are atypical. To illistrate this, it is helpful to compare the market for auto insurance with the market for refrigerators. The market for refridgerators is an excellent example of an efficient market. The auto insurance market, in sharp contrast, is a very inefficient one, at least from the consumer’s perspective, and is unlike most markets . .

 

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Trouble in Toyland

Toys are safer than ever before, thanks to decades of work by product safety advocates and parents and the leadership of Congress, state legislatures and the Consumer Product Safety Commission (CPSC). Nevertheless, as parents venture into crowded malls and browse for the perfect toy on the Internet this holiday season, they should remain vigilant about often hidden hazards posed by toys on store shelves.

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Report | Health Care

Paying the Price

Millions of uninsured and underinsured Americans struggle to afford the medicines they need, even forgoing medically necessary drugs when prices are out of reach. When discussing the high cost of prescription drugs, politicians often focus on the financial burden carried by senior citizens.

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Blog Post | Health Care

DPH Gives Green Light to Big Pharma’s Wining and Dining | Deirdre Cummings

Regulators move will re-open door to drug companies' expensive and biased marketing schemes.

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Blog Post | Consumer Protection, Financial Reform

The CFPB is now taking your credit bureau complaints | Deirdre Cummings

Excellent news! The CFPB is now taking your complaints about credit bureaus and credit reports.

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Blog Post | Budget, Financial Reform, Tax

You're Invited to "We're not Broke" | Deirdre Cummings

MASSPIRG Invites you to a special screening of the new movie We're Not Broke
Thursday, Oct. 18  -  6:30 PM - Harvard Kennedy School
Wiener Auditorium
, Ground Floor of the Taubman Building, 79 JFK Street, Cambridge

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Blog Post | Consumer Protection

CFPB says 1 in 5 credit scores sold to consumers have "meaningful" differences from scores lenders useDeirdre CummingsEd Mierzwinski

The CFPB has confirmed what consumer advocates have been saying all along. Credit scores heavily marketed to consumers aren't the same as those used by lenders; at least 1 in 5 consumer scores have "meaningful" differences and that "score discrepancies may generate consumer harm." That's why we call them FAKO scores.

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Blog Post | Consumer Protection, Financial Reform

It happened 4 years ago this weekend, and Congress has already forgottenDeirdre CummingsEd Mierzwinski

Four years ago, on September 14-15, 2008, the Lehman Brothers investment bank declared bankruptcy while Bank of America acquired another foundering investment bank, Merrill Lynch -- major events that froze the financial markets and led in a few days to a $700 billion bailout of the financial system. Just four years later, some in the Congress have forgotten that real people and the economy are still suffering from the financial collapse, as it steps up Wall Street-backed efforts to prevent regulators from protecting the public.

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Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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