Reining in Wall Street Updates

Report | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Credit Cards, Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them.

This is the fourth in a series of reports that review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints about credit cards with the aim of uncovering patterns in the problems consumers are experiencing with their credit cards and documenting the role of the CFPB in helping consumers successfully resolve their complaints.

News Release | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Report: Capital One Most-Complained-About Credit Card Company in NJ

New Jersey consumers file more complaints about Capital One than any other credit card company, according to a report released today by NJPIRG Law & Policy Center. The report, which looked at data from the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database, also found that New Jersey consumers are 5th most likely to file credit card complaints.

News Release | NJPIRG | Consumer Protection, Financial Reform

New CFPB rules will protect homebuyers and homeowners

On Friday, January 10, new Consumer Financial Protection Bureau (CFPB) rules will go into effect that will help protect homeowners and homebuyers from the mortgage abuses that led to the housing crisis. In particular, consumers will get protections from lenders that make risky loans without checking a borrower’s income, assets, or ability to repay a loan. 

News Release | NJPIRG | Consumer Protection, Financial Reform

GOOD NEWS FOR CONSUMERS AND FIRMS THAT WANT TO PLAY FAIR

"Today’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace."  

Report | NJPIRG Law & Policy Center | Financial Reform

Remove Barriers to Low Interest Rates

 

Congress has a rare bipartisan opportunity to put more money in Americans’ pockets, strengthen the housing market and boost the entire economy. By making it easier to refinance into today’s low interest rates, Congress could expand the Home Affordable Refinance Program (HARP) so it helps up to 13 million Americans nationwide save $35 billion.* In our state alone,  more than 402,000 families would qualify, saving them about $1.67 billion in lower mortgage payments.

 

News Release | NJPIRG Law & Policy Center | Financial Reform

Common-Sense Refinancing Options Could Help 402,431 New Jerseyans and Stabilize Housing Market

Data released today by NJPIRG and the Center for Responsible Lending finds that making it easier for homeowners to refinance their mortgages could give consumers more options, save money, and stabilize New Jersey's housing market. In NJ alone, 402,431 families would qualify, saving them $1.67 billion.

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.

News Release | NJPIRG Law and Policy Center | Financial Reform

NJPIRG Applauds CFPB Proposal To Regulate Biggest Credit Bureaus

“Last summer over 10,000 PIRG members submitted comments to the Consumer Financial Protection Bureau (CFPB) urging strict regulation of credit bureaus and credit scoring firms. We applaud the CFPB for its proposal today to subject the nation’s largest credit bureaus and credit scoring firms to full scrutiny as “larger participants” (CFPB pdf) in the financial marketplace."

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. 

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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