Financial Reform

News Release | CALPIRG | Financial Reform

Using mortgage settlement funds in budget could cost CA in the long run

Sacramento, CA—In Governor Brown’s May revision of the budget he proposes spending $292 million of the national mortgage settlement to help fill the state’s budget gap this year, and the remaining $118 million next year. The majority of these funds, $198 million, will go toward paying off general fund bond debt in the current budget.

(Update: phottos added.) Today, U.S. PIRG will be an invited guest as the Consumer Financial Protection Bureau proposes new mortgage servicing rules to prevent, among other things, a recurrence of the robo-signing scandal. Among the other important news items of the week, in case you missed it, Ohio has made it harder for aggrieved consumers to obtain redress when ripped off.

News Release | U.S. PIRG | Financial Reform

U.S. PIRG 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 | U.S. PIRG | Financial Reform

U.S. PIRG 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."

CFPB Director Cordray speaks on payday loans

By | Jon Fox
Consumer Advocate

CFPB Director Cordray speaks on payday loans during field hearing in Birmingham, AL, 20 Jan. 2012.

News Release | CALPIRG | Consumer Protection, Financial Reform

President Appoints Richard Cordray To Head Consumer Agency

“For months Wall St. has been using every trick in the book to try and derail this nomination and ultimately undermine the entire consumer bureau,” said Pedro Morillas, CALPIRG Legislative Director. “Today’s appointment is a bold and important step by the President that will allow the CFPB to get to the important work of protecting consumers.”

Issue | Health Care

Making Health Care Work

Fighting to control the skyrocketing cost of health care.

News Release | CALPIRG | Consumer Protection, Financial Reform

November 5 Is Bank Transfer Day

“The recent attempt to add a debit card fee, and the public outrage that followed, shows that consumers do have the power to influence corporate decisions. Consumer activism will ensure that this trend continues to their benefit.” concluded Jon Fox.

News Release | CALPIRG | Consumer Protection, Financial Reform

Bank of America Joins Others Canceling Monthly Debit Card Fees As Consumers Vote With Feet

Now that consumers are voting with their feet and switching to small banks and credit unions, Bank of America has joined other big banks in canceling the unfair fee.

Report | CALPIRG Education Fund | Budget, Democracy, Financial Reform, Tax

Tax Increment Financing: The need for transparency and accountibility in local economic development subsidies

Tax-increment financing (TIF) has been a widely used tool for municipalities seeking private investment. TIF allows cities and towns to borrow against an area’s future tax revenues in order to invest in immediate projects or encourage present development. When used properly, TIF can promote enduring growth and stronger communities for blighted neighborhoods; but TIF can also end up wasting taxpayer resources or channeling money to politically favored special interests.

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