Financial Reform

News Release | Maryland PIRG | Financial Reform

Maryland PIRG Condemns Backdoor, Backroom Appropriations Proposal To Gut Wall Street Reform

"We join others, including Americans for Financial Reform and the Leadership Conference on Civil and Human Rights (joint statement) and Public Citizen, in condemning this backdoor, backroom budgetary effort to repeal the Wall Street reform law's protections for taxpayers and Main Street from the riskiest derivatives swaps that led directly to the 2008 financial collapse, a taxpayer bailout for banks and a recession for everyone else.

News Release | Maryland PIRG Foundation | Consumer Protection, 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 Maryland PIRG Foundation. The report highlights banks that generated the most complaints through their various banking services in each state.

Report | Maryland PIRG Foundation | Consumer Protection, Financial Reform

Big Banks, Big Complaints

This report is the first of several that will review complaints to the CFPB nationally and on a state-by-state basis. In this report we explore consumer complaints about bank accounts and services with the aim of uncovering patterns in the problems consumers are experiencing with their banks.

SENATE CONFIRMS CFPB DIRECTOR CORDRAY

By | Emily Scarr
Director

Statement of Emily Scarr, Maryland PIRG Advocate, on the Senate Confirmation of Richard Cordray to Full Term as Consumer Financial Protection Bureau (CFPB) Director. Senators Cardin and Mikulski vote for consumers.

Banks, Not CFPB, Spy On Consumers

By | Ed Mierzwinski
Consumer Program Director

As a Tuesday, July 16th Senate showdown vote on the confirmation of Richard Cordray to direct the CFPB approaches, consumer protection opponents continue to make stuff up, such as their latest false claim that its use of data equates it with the NSA. Actually, it's the banks, not the CFPB, spying on consumers.

News Release | Maryland PIRG Foundation | Consumer Protection, Financial Reform

NEW SURVEY SHOWS FREE CHECKING WIDELY AVAILABLE AT SMALL BANKS BUT BANKS STILL HIDING FEES FROM CONSUMERS

A survey of hundreds of banks and credit unions in 24 states and the District of Columbia found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the U.S. Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all.

Report | U.S. PIRG Education Fund, Maryland PIRG Foundation | Consumer Protection, Financial Reform

BIG BANKS, BIGGER FEES

Over the last six months, state PIRG staff conducted inquiries at 250 bank and 116 credit union branches in 17 states and the District of Columbia and reviewed bank fees online in these and 7 other states. This report, “Big Banks, Bigger Fees: A National Survey of Fees and Disclosure Compliance,” examines the following questions:

 How easy is it for consumers to shop around? Are banks complying with the Truth In Savings Act, which requires disclosure of a schedule of account fees to prospective customers?

 Can consumers still find free or low-cost checking accounts or has free checking ended?

 What can the Consumer Financial Protection Bureau (CFPB) and other regulators do to help improve transparency in the financial marketplace?

Picking Up the Tab

Some U.S.-based multinational firms or individuals avoid paying U.S. taxes by transferring their earnings to tax haven countries with minimal or no taxes. These tax haven users benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

Tax Shell Game

Tax havens are countries with minimal or no taxes, to which U.S.-based multinational firms or individuals transfer their earnings to avoid paying taxes in the United States. Users of tax havens benefit from access to America’s markets, workforce, infrastructure and security, but pay little or nothing for it—violating the basic fairness of the tax system.

Apples to Twinkies

America is facing an obesity epidemic – one that’s hitting children especially hard. The rise in childhood obesity has many causes, but one of the most important is the increased prevalence of high-fat, heavily sweetened junk food.  And shockingly, American taxpayers are spending billions to subsidize junk food ingredients, making the problem worse.

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