Financial Reform

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.

Report | CALPIRG | Budget, Financial Reform, Tax

Toward Common Ground

To break through the ideological divide that has dominated Washington this past year and offer a pathway to address the nation’s fiscal problems, the National Taxpayer Union and U.S. PIRG joined together to identify mutually acceptable deficit reduction of over $1 Trillion.

News Release | CALPIRG | Consumer Protection, Financial Reform

CALPIRG Calls on Congress to Confirm CFPB Chief

 In July, the landmark Consumer Financial Protection Bureau (CFPB) took over as the nation’s first federal financial agency with only one job, protecting consumers. But until it gets a Senate-confirmed director, its powers, especially over payday lenders and other non-banks, are limited.

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.”

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. 

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DEFEND THE CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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