Financial Reform

Tips For OPM & Other Data Breach Victims-What Can You Do To Avoid Identity Theft & Other Harms??

The latest breach of up to 18 million or more federal government employee files held by US OPM is an example of everything that's wrong with data security and data breach response mechanisms today. Agencies and companies hold too much information for too long and don't protect it adequately. Then, they wait months before informing victims. Then, they make things worse by offering weak, short-term help such as credit monitoring. Our main message: your best protection against identity theft is the security freeze, not the often-offered, under-achieving credit monitoring. Unfortunately, the potential harms from data breaches such as the OPM breach are much broader than identity theft.

Was it 4 million, 14 million or 18 million records breached (how many times) (likely) by Chinese hackers? Whose fault was it? The USOPM director says no one's. Really? Perhaps the worst data breach ever raises lots of questions, but I haven't heard any good answers. Federal employees, their families, their friends and their neighbors -- because all of them could be victims -- deserve better answers, just as they deserve better service than USOPM's credit monitoring provider is giving them.

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

News Release | CoPIRG Foundation | Financial Reform

New Report Identifies Banks Consumers Complain About Most

Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the CoPIRG Foundation. The report highlights banks that generated the most complaints through their various banking services in each state.

 

Report | CoPIRG Foundation | Financial Reform

Big Banks, Big Complaints

This report is the first of several that will review complaints to the CFPB nationally and on a state-by-state basis. In this report we explore consumer complaints about bank accounts and services with the aim of uncovering patterns in the problems consumers are experiencing with their banks.

News Release | CoPIRG | Financial Reform

Senate Confirms CFPB Director Cordray

"Today’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago."

Issue | Health Care

Fighting The High Cost Of Rx Drugs

Brand-name drug companies have been paying off generic drug makers to delay competition and keep prices high. This widespread pay-for-delay scheme needs to be put to an end. 

A New Direction In Driving Trends

After a 60 year boom, driving is on the decline in the U.S. and no likely scenario shows it returning to previous levels of growth. 

President Appoints "America's Consumer Watchdog"

CoPIRG applauds President Obama for standing up for consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau.

News Release | CoPIRG | Financial Reform

President Appoints "America's Consumer Watchdog"

CoPIRG applauds President Obama for standing up for consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau.

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