Consumer Protection News

Responding to the worst financial crisis since the Great Depression, the House today approved the conference report on the Wall Street Reform and Consumer Protection Act, HR 4173. The bill is strong medicine to rein in Wall Street and protect consumers, investors and taxpayers from further financial meltdowns.

OSPIRG, the leading state public interest advocacy organization compared a series of key votes of U.S. Senators during consideration of the Restoring American Financial Stability Act this month and found that both Oregon Senators Wyden and Merkley supported Main Street over Wall Street 100% of the time.

This afternoon, the U.S. Senate voted down a broad crippling amendment offered by Sen. Bob Corker (R-TN) to the Wall Street Reform bill. The amendment would have given the federal government sweeping ability to preempt or override states’ capacity to protect their own residents from dangerous and deceptive practices of banks and other financial institutions, while taking state Attorneys General off the corporate crime beat.

A new publication from the Oregon State Public Interest Research Group (OSPIRG) released today guides Senators through the maze of amendments likely to be offered for the Restoring America’s Financial Security Act of 2010 and indicates which way to vote – “yes” or “no” – in the public interest.

OSPIRG applauds Chairman Christopher Dodd and a majority of the Senate Banking Committee for Monday evening’s vote to move a Wall Street reform package to the Senate floor.

OSPIRG today said that several leaked draft proposals to make the proposed Consumer Financial Protection Agency (CFPA) subservient to other bank regulators that would have veto power over its decisions “won’t do the job and will let reckless Wall Street banks win over consumers living on Main Street.”

The new financial reform legislation passed by the House of Representatives on Friday is an important step towards protecting consumers and taxpayers from reckless financial practices, according to U.S. Public Interest Research Group, a national consumer organization and OSPIRG, the Oregon State Public Interest Research Group.

A leading consumer group today urged all members of the House of Representatives to oppose bank-backed efforts that would gut the Consumer Financial Protection Agency, centerpiece of Wall Street reform efforts on the House floor this week.

Today, the U.S. House Financial Services Committee approved a bill to create an independent agency with broad authority to protect consumers in the financial marketplace.

Statement of OSPIRG Consumer Advocate Matt Wallace on Bank of America and Chase announcements of changes to their overdraft policies

As the legislative session drew to a close, Oregon lawmakers took action to address the foreclosure crisis by passing SB 628.

Today the Public Safety Subcommittee of Ways and Means passed an amended version of SB 628-- a bill to address the foreclosure crisis in Oregon.

OSPIRG commends the Senate on overwhelming passage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act.

Major US corporations avoid as much as $100 billion a year in federal taxes by hiding profits in foreign countries. According to a new OSPIRG report released today, this tax loophole results in over $940 million in additional tax burdens for taxpayers here in Oregon.

In honor of National Consumer Protection Week, OSPIRG today released a new compilation of tips and information designed to help consumers avoid ripoffs, fraud, and unfair practices made worse by the recession.