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House Committee Takes Actions To Clean Up Credit Bureau Mistakes

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In committee votes this week and last week, the House Financial Services Committee sent a package of credit reporting reforms on to the House floor. It's the first major Congressional action to rein in the so-called Big 3 credit bureaus - Equifax, Experian and Trans Union - and other smaller, specialized bureaus and credit scoring companies, since 2003. The Big 3 national credit bureaus have been the most complained about financial firms to the CFPB for four years running, predating the massive Equifax data breach.

WISPIRG is one of many members of the Coalition for More Responsible Transportation (CMRT), which includes environmental organizations, faith and social justice groups, public transit advocates, and others. This week, CMRT is holding a Week of Action to draw attention to the need for better public transportation in Wisconsin. One of the ways we’re doing that is by asking transit riders across the state to share their public transportation stories with us. In this guest post, our summer campaign associate Macklyn Hutchison writes on her conversations with transit riders about their experience with the public transportation system.

As CFPB Reviews Overdraft Rules, UK Regulator Makes Pro-Consumer Changes

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

As the CFPB conducts a ten-year regulatory review of the Overdraft Rule established by the pre-CFPB regulators in 2010, the UK's Financial Conduct Authority has announced sweeping changes to address what it calls a "dysfunctional" overdraft market. The US system prohibits overdraft fees on debit and ATM transactions unless you opt-in to fee-based "standard overdraft protection," but the fees average over $32 per overdraft and CFPB has accused some banks of deceptive marketing of the service. Meanwhile, the UK's FCA is banning fixed fee overdrafts and requiring UK banks to treat overdrafts as loans subject to reasonable interest rates. We've asked CFPB to ban overdrafts on debit and ATM transactions.

This is the second of a two-part guest post on public transportation in China, New York City and Wisconsin from Pei Wang, who interned with us this spring semester.

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