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Following the Money 2015

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Blog Post | Financial Reform

As NY Brings Credit Bureaus To Heel, CFPB Arbitration Study Paves Way Toward New Protections | Ed Mierzwinski

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

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Media Hit | Financial Reform

Credit Bureaus’ Deal to Improve Accuracy ‘Huge’ for Consumers

(Bloomberg) -- Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.[...] “It’s a sea change in the way the credit bureaus treat complaints,” said [U.S. PIRG's Ed] Mierzwinski. “The credit bureaus have been run by computers for years now. They’re going to have to hire more people and actually verify that what a creditor said is true.”

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Blog Post | Financial Reform

Is Anyone Protecting Your Privacy Or Wallet? Turbotax? Anthem? Apple? The Government? | Ed Mierzwinski

As if recent privacy breaches at the online tax preparer Turbotax and the health insurer Anthem weren't enough, it turns out that low-tech hacks can trick the vaunted Apple Pay system into giving up cash to thieves, too. Meanwhile, while the administration's blueprint for a Privacy Bill of Rights in 2012 was excellent, its new legislative draft from the Department of Commerce could have been written by the U.S. Chamber of Commerce. There is some good news on privacy, though.

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Blog Post | Consumer Protection

As House Holds Oversight Hearing, 340 Groups Call For Defense of CFPB | Ed Mierzwinski

Today, Consumer Financial Protection Bureau Director Richard Cordray will present the CFPB's sixth semi-annual report to the House Financial Services Committee, whose majority members have been harsh critics of the successful consumer agency. Americans for Financial Reform, joined by the state PIRGs and a total of 340 national, state and local groups, sent Congress a letter explaining why the idea of the CFPB needs no defense, only more defenders.

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News Release | NJPIRG | Financial Reform

President’s Recess Appointment Gives Watchdog Teeth It Needs

Kudos to President Obama for standing up for consumers this week by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus. 

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Media Hit | Transportation

The Star-Ledger: Report: Gas tax, car charges only cover half the cost of road maintenance

Amid a debate over whether New Jersey should increase its low gasoline tax to shore up the nearly broke transportation fund, a report released today cautions that gas taxes and other vehicle charges pay only half the cost of building and maintaining the nation’s roads.

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News Release | NJPIRG | Consumer Protection, Financial Reform

’Tis the Season For Prepaid Card Hidden Fees

As consumers flock to retailers during the holiday season and as the use of prepaid cards continues to expand rapidly, NJPIRG joined Senator Robert Menendez (D-NJ) to introduce The Prepaid Card Consumer Protection Act to curb hidden fees associated with many of these cards.

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News Release | NJPIRG | Consumer Protection, Financial Reform

NJPIRG and NJCA React to CFPB Vote

Wall Street won a victory over hard-working consumers today.  By blocking a vote to confirm Richard Cordray as director of the Consumer Financial Protection Bureau, 45 Senators gave in to Wall Street instead of standing up for the public. 

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NJPIRG talks Toy Safety on New Jersey Now (Video)

NJPIRG's Gideon Weissman appeared on New Jersey Now to discuss toy safety tips for the holidays. 

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