Financial Reform

News Release | CALPIRG | Consumer Protection, Financial Reform

New Consumer Agency Takes Over as Nation’s Consumer Cop

Representatives from the California Attorney General’s office, Consumers Union, San Francisco Labor Council, Greenlining Institute, Center for Responsible Lending and the California Reinvestment Coalition, joined CALPIRG today in San Francisco’s financial district to call on the Senate to vote to confirm former Ohio Attorney General Rich Cordray as CFPB director, so that it is able to fulfill the promise of consumer financial protection.

News Release | CALPIRG | Consumer Protection, Financial Reform

New Survey Shows Banks Still Hiding Fees from Consumers

A survey of more than 350 bank branches released today by the California 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.

Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. 

Beat High Bank Fees

Banks rely on consumer indifference when they raise fees. They count on consumers not shopping around. PIRG’s Big Banks, Bigger Fees reports routinely find that small banks and credit unions are not following the big banks’ lead; they still offer many free or low cost accounts.

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