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  • Reining in Wall Street | NJPIRG
    have to hire more people and actually verify that what a creditor said is true Keep Reading Pages first previous 1 2 3 4 5 6 next last 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 Keep Reading 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 Keep Reading News Release NJPIRG Law Policy Center Financial Reform Higher Ed Banks Skim Millions In Fees From Student Aid Using Debit Card Linked Student IDs Over 9 million students are at risk for increased educational debt due to bank affiliated student debit cards that come with high fees insufficient consumer protections and few options Financial institutions now have affinity partnerships with almost 900 campuses nationwide grafting bank products onto student IDs and other campus cards to become the primary recipient of billions in federal financial aid to distribute to students Keep Reading 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 Keep Reading 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 Keep Reading Pages first previous 1 2 3 next last Report NJPIRG Law and Policy Center Consumer Protection Financial Reform Big Banks Bigger Fees PIRG staff conducted inquiries at 392 bank branches in 21 states and reviewed bank fees online in 12 others This report Big Banks Bigger Fees A National Survey of Bank Fees and Fee Disclosure Policies examines the following questions How easy is it for consumers to shop around Can consumers still find free or low cost checking accounts or has free checking ended Keep Reading Pages first previous 1 2 Blog Post Financial Reform Privacy

    Original URL path: http://njpirg.org/issues/njp/reining-wall-street?page=1 (2016-04-29)
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  • Reining in Wall Street | NJPIRG
    though Keep Reading Blog Post Financial Reform House Floor Vote on Budget Delayed over Special Interest Riders From Wall Street Other Powerful Interests Ed Mierzwinski UPDATED Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the CRomnibus appropriations package just hours before funding for the federal government expired at midnight Thursday Eventually the bill passed narrowly with the Wall Street provision intact Action now shifts to the Senate which has a 48 hour window to pass the bill but any one Senator can block it under Senate rules The provision would again allow Wall Street banks to place risky bets with taxpayer backed funds and require taxpayers to bail them out if the bets fail repealing a key protection added in the 2010 Wall Street reform law Keep Reading News Release NJPIRG Law Policy Center Financial Reform Report Mistaken Identity Tops Debt Collection Complaints Debt collectors trying to collect debt from the wrong person were the top source of New Jerseyans complaints to the Consumer Financial Protection Bureau CFPB according to a report released today by the NJPIRG Law Policy Center The report also found that New Jersey consumers are 8th most likely nationwide to file complaints to the CFPB about debt collection and that debt collection is a top source of complaints Keep Reading Report NJPIRG Law Policy Center Consumer Protection Financial Reform Debt Collectors Debt Complaints This is the fifth 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 debt collection with the aim of uncovering patterns in the problems consumers are experiencing with debt collectors and documenting the role of the CFPB in helping consumers successfully resolve their complaints Keep Reading 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 Keep Reading Pages first previous 1 2 3 4 5 6 next last 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 Keep Reading 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 Keep Reading Pages first previous 1 2 3 Blog Post Financial Reform Financial follies update

    Original URL path: http://njpirg.org/issues/njp/reining-wall-street?page=2 (2016-04-29)
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  • Reining in Wall Street | NJPIRG
    Get Bank tips Issue 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 Keep Reading 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 Keep Reading 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 Keep Reading Blog Post Financial Reform Financial follies update Discover Card pays deceptive marketing penalty Ed Mierzwinski Discover Card has paid a 14 million civil penalty to the CFPB and FDIC plus refunded over 200 million to ripped off consumers in the latest case involving useless junk credit insurance and credit monitoring add ons that consumers didn t buy but pay for to credit card bills Read more for that and other weekend financial follies Keep Reading 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

    Original URL path: http://njpirg.org/issues/njp/reining-wall-street?page=3 (2016-04-29)
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  • Reining in Wall Street | NJPIRG
    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 Keep Reading News Release NJPIRG Law Policy Center Financial Reform Higher Ed Banks Skim Millions In Fees From Student Aid Using Debit Card Linked Student IDs Over 9 million students are at risk for increased educational debt due to bank affiliated student debit cards that come with high fees insufficient consumer protections and few options Financial institutions now have affinity partnerships with almost 900 campuses nationwide grafting bank products onto student IDs and other campus cards to become the primary recipient of billions in federal financial aid to distribute to students Keep Reading Report NJPIRG Law Policy Center Financial Reform Higher Ed The Campus Debit Card Trap Banks and other financial firms are taking advantage of a variety of opportunities to form partnerships with colleges and universities to produce campus student ID cards and to offer student aid disbursements on debit or prepaid cards Keep Reading Blog Post Financial Reform Today CFPB to announce overdraft fee investigation unveil penalty box disclosure possibly end 39 lattes Ed Mierzwinski Gideon Weissman 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 Keep Reading News Release NJPIRG Law and Policy Center Financial

    Original URL path: http://njpirg.org/issues/njp/reining-wall-street?page=4 (2016-04-29)
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  • Reining in Wall Street | NJPIRG
    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 Keep Reading 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 Keep Reading 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 Keep Reading Report NJPIRG Law and Policy Center Financial Reform 10 Reasons We Need The CFPB Now This report outlines predatory financial practices that hurt consumers and helped collapse the economy costing us eight million jobs millions of foreclosed homes and trillions of dollars in lost home and retirement values It explains these and other emerging problems as 10 Reasons We Need The Consumer Financial Protection Bureau Now Keep Reading Report NJPIRG Law and Policy Center Consumer Protection Financial Reform Big Banks Bigger Fees PIRG staff conducted inquiries at 392 bank branches in 21 states and reviewed bank fees online in 12 others

    Original URL path: http://njpirg.org/issues/njp/reining-wall-street?page=5 (2016-04-29)
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  • Remove Barriers to Low Interest Rates | NJPIRG
    in Wall Street Act Now Jobs Donate Newsroom Resources Reports Get our RSS feed Our Affiliates Our Sister c 3 Are you a student Energy Service Corps Our Federation Archives Blog Media Hits News Releases Reports Resources Results Take Action Donate JOIN US Priority Action We re teaming up with big restaurant chains to stop the overuse of antibiotics on factory farms Call on KFC to stop selling meat raised

    Original URL path: http://njpirg.org/reports/njp/remove-barriers-low-interest-rates (2016-04-29)
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  • The Campus Debit Card Trap | NJPIRG
    using the university adopted cards including a variety of per swipe fees inactivity fees overdraft fees ATM fees and fees to reload prepaid cards At least one fee listed on Higher One s fee schedule would violate U S Department of Education rules if charged other fees may violate other rules Potentially aggressive marketing tactics can make students captive customers Access to student financial aid funds placed on debit cards can be subject to limited availability of convenient fee free ATMs for student loan withdrawals despite U S of Education rules Students end up paying fees to access their aid Debit card contracts have been controversial at some campuses Some practices such as outsourcing of student ID functions and pre loading of disbursement cards raise privacy issues Based on our evaluation of issues surrounding the growing campus card marketplace and their potential impact on students we make detailed recommendations at the end of this report to campuses to banks and financial firms and to regulators including the following Campus Card Best Practices To ensure that students are benefiting from a campus debit card program campus debit cards should adhere to the following best practices 1 Students Should Have An Unbiased Choice of Where to Bank The bank account you get as a student may continue with you for decades Such an important choice shouldn t be skewed by which financial institution gave the school the most money For financial aid disbursements campuses should provide students a diverse set of disbursement options that clearly include the ability to use their own existing bank account and ability to choose to receive a check 2 Low Fees Colleges should negotiate away fees that students incur on their debit cards as well as make it easier for student debit card consumers to avoid fees Fees should not be charged to financial aid funds A specific list of fees that should be eliminated appears below under Key Recommendations for Campuses 3 Safe Checking Fees For accounts not related to federal student aid student checking accounts should meet the minimum requirements of the FDIC Model Safe Accounts Template modified to address the needs of students Fees on student accounts should be reasonable and proportional to services rendered and all fees should be disclosed prominently on the bank s website mailers and other materials 4 Unrestricted Access to Funds Campuses should provide and regulators should require an adequate number of regularly replenished on campus ATMs for financial aid disbursement ATM deployment measurements should be based on need during peak use times such as the beginning of a semester or quarter 5 Strong Consumer Protections Given the public s perception that a debit card is a debit card whether or not it is prepaid colleges should insist that all campus debit cards carry the same level of consumer protections extended to ATM debit card customers under the Electronic Funds Transfer Act Appendix 2 goes into more detail on differences in consumer protections between various cards 6 No Push

    Original URL path: http://njpirg.org/reports/njp/campus-debit-card-trap (2016-04-29)
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  • 10 Reasons We Need The CFPB Now | NJPIRG
    economy costing us eight million jobs millions of foreclosed homes and trillions of dollars in lost home and retirement values It explains these and other emerging problems as 10 Reasons We Need The Consumer Financial Protection Bureau Now In response to the problems caused by those predatory practices the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 included a major reform demanded by the public it established the landmark Consumer Financial Protection Bureau On July 21 2011 the law provides that the CFPB takes over as the primary regulator of 18 consumer financial laws that 7 federal regulators had unevenly and inadequately implemented and enforced in both the bank and non bank financial sectors Making Markets Work According to the CFPB itself The central mission of the Consumer Financial Protection Bureau CFPB is to make markets for consumer financial products and services work for Americans whether they are applying for a mortgage choosing among credit cards or using any number of other consumer financial products The CFPB also has special roles granted by Congress to protect senior citizens military families and other frequent targets of unfair financial practices As described on its own website the CFPB was created 1 to ensure that consumers have timely and understandable information to make responsible decisions about financial transactions 2 to protect consumers from unfair deceptive or abusive acts or practices and from discrimination 3 to reduce outdated unnecessary or overly burdensome regulations 4 to promote fair competition by enforcing the Federal consumer financial laws consistently and 5 to advance markets for consumer financial products and services that operate transparently and efficiently to facilitate access and innovation Search form Search About Issues Stop the Overuse Of Antibiotics Stop the Highway Boondoggles Democracy For The People Label GMO Foods Making Health Care

    Original URL path: http://njpirg.org/reports/njf/10-reasons-we-need-cfpb-now (2016-04-29)
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