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CFPB Finds So-Called Overdraft Protection Costs Some $450/Year

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

This week, the Consumer Financial Protection Bureau (CFPB) rolled out draft "Know Before You Owe" disclosures for banks marketing so-called "Standard Overdraft Protection," a controversial product that requires consumers to "opt-in" for the "privilege" of overdrafting debit and ATM transactions for a so-called convenience fee averaging $34. It also  released a study that finds that at-risk consumers who opt-in pay $450/year more in fees than other at-risk consumers.

It Makes No Sense to Eliminate Successful CFPB, Weaken Wall Street Reforms

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

Telco, Cable Guys Assault State Broadband Privacy Efforts, Sacramento Key Battleground

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

When it comes to lead and school drinking water, what we don't know can hurt us, and in this case, hurt our kids. Lead is highly toxic to children, and even small exposures to this neurotoxin can have life-altering effects on children's overall development. Out of concern for children's health, the California State Water Board recently launched a new initiative requiring local water districts to provide free lead tests to schools that request them.

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