Financial Reform

Report | WISPIRG Foundation | Financial Reform

Big Banks, Big Complaints

The Consumer Financial Protection Bureau (CFPB) has created and made available to the public the Consumer Complaint Database. The database tracks complaints made by consumers to the CFPB and the responses of financial institutions to those complaints. The Consumer Complaint Database enables the CFPB to identify financial practices that threaten to harm consumers and enables the public to evaluate both the performance of the financial industry and of the CFPB.

News Release | WISPIRG Foundation | Financial Reform

New Report Identifies Banks Consumers Complain About Most

Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the WISPIRG Foundation. The report highlights banks that generated the most complaints through their various banking services in each state.

One Year Anniversary of CFPB

 

 

 

For the first time, a federal financial agency has placed consumers at the center of its work. That agency, the Consumer Financial Protection Bureau (CFPB), turns one year old on July 21, 2012. The CFPB, established as a centerpiece of the Wall Street Reform and Consumer Protection Act of 2010, is the first federal financial agency with only one job: protecting consumers. It has special responsibilities to protect seniors, military servicemembers and students. The CFPB is also tasked with ensuring fair lending and promoting financial education and literacy. The CFPB protects you no matter where you buy financial products—at a bank, at a credit union, at a mortgage company or a payday lender.

 

Media Hit | Financial Reform

Property Trax: 10 reasons advocates say Wisconsin residents need new Consumer Financial Protection Bureau

Even as Congress and the Obama Administration continue to argue over its powers and leadership, the Consumer Financial Protection Bureau began its work as top cop for all consumer finance matters, including mortgages, on July 21.

Report | WISPIRG Foundation | Financial Reform

10 Reasons We Need the CFPB Now

The report documents that while the failure of federal regulators to prevent predatory mortgage lending is well known, it is less well-known that federal regulators also failed to stop unfair credit card tricks, overdraft fee schemes and the growth of triple-digit APR and payday loans, which are now imposing a crushing financial burden on many families.

The report documents that these failures lead to the conclusion that consumer protection should be housed in one agency with just one job, protecting consumers from unsafe financial products, no matter where they buy them, at banks, payday lenders or other firms.

Media Hit | Financial Reform

WI Radio Network: Groups claims banks are not disclosing fee policy

A new study claims banks are still hiding fees from customers. WISPIRG Program Associate Kyle Bailey says in their nationwide survey of more than 350 bank branches, fewer than half complied fully in disclosing the policy of customer fees. Roughly 25-percent of the branches never provided the information at all.

News Release | WISPIRG Foundation | Financial Reform

New Survey Shows Banks Still Hiding Fees From Customers

A survey of more than 350 bank branches released today by the Wisconsin Public Interest Research Group revealed that fewer than half of branches obeyed their legal duty to fully disclose fees to prospective customers, while one in four provided no fee information at all.

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