Protecting Consumers News Releases

Leading consumer groups today announced the results of a poll showing that an overwhelming majority of likely voters both support a new consumer agency (74%) and want Wall Street held “accountable” (77%), along with a report documenting “10 reasons” consumers need the new Consumer Financial Protection Bureau.

A survey of more than 350 bank branches released today by the Maryland 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.

Thursday morning, the long-awaited Schumer-Van Hollen legislation was introduced with bi-partisan support as a response to the Supreme Court’s ruling in Citizens United vs. Federal Election Commission.

For too long, owning a credit card company has been a license to steal. Over the last few years, the banks increased their use of abusive tactics, such as changing due dates so they could trick consumers into paying late. The Credit Card Act bans nearly all retroactive rate increases on current balances, it prohibits universal default in the first year and it protects college students from unfair marketing of credit cards.