Financial Reform

Stop Payday Loan Sharks: Submit Your Comment Here

By | Peter Skopec
State Director

This opportunity doesn’t come around very often: we have a chance to stop the payday loan debt trap. Submit a public comment in favor of a strong payday loan rule here.

Payday Loan Expansion Stopped

In July 2015, after WISPIRG convened a coalition of 30 groups to call for action, Gov. Scott Walker vetoed budget provisions that would have dramatically expanded payday lenders’ authority to sell predatory financial products to Wisconsin consumers. Payday loans trap consumers in a spiral of growing debt with detrimental impacts, particularly for low-income borrowers.

Payday Loan Expansion Stopped

In July 2015, after WISPIRG convened a coalition of 30 groups to call for action, Gov. Scott Walker vetoed budget provisions that would have dramatically expanded payday lenders’ authority to sell predatory financial products to Wisconsin consumers. Payday loans trap consumers in a spiral of growing debt with detrimental impacts, particularly for low-income borrowers.

News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

Should we fire the Big 3 credit bureaus?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

News Release | U.S. PIRG | Financial Reform

Federal regulators, states file antitrust lawsuits against Facebook

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

News Release | U.S. PIRG | Financial Reform

CFPB Approves Modified Final Debt Collection Rule

On Friday, the CFPB released a modified final version of its Debt Collection Rule, although it delayed action until December on one of its most controversial provisions, allowing collection of  time-barred zombie debt. A statement by Consumer Program Associate Lucy Baker follows.

Voters support strong CFPB, strong protections against Wall Street, payday lenders

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

News Release | U.S.PIRG | Financial Reform

CFPB Director: Stop Letting Industry Violate the Fair Credit Reporting Act

We've joined the National Consumer Law Center in a news release describing a letter from 21 consumer and faith groups urging her to revoke permission to the credit reporting industry to violate consumer protections. 

Will Congress fix credit report problem CFPB won't?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Our latest report, last week, found July set yet a fifth consecutive month of record consumer complaints to the CFPB. Complaints about credit report mistakes, always among the leaders, have surged dramatically during the pandemic. The CFPB hasn't done anything about it, but Congress has an opportunity in its next relief package to ban negative credit reporting.

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