We're taking action
together to build a better world. You can help make it happen.
As an intern with the Student PIRGS you can make a difference and learn
valuable skills. Find out more and apply online: http://studentpirgs.org/internships
You could: register and turnout out thousands of students to vote in
November; work to increase financial aid funding and make college more
affordable; join a team of students volunteering at a food shelter; or
hold events on campus to make sure students don’t forget about the oil
spill and to prevent another one from happening. You’ll also learn more
about the issues and skills like how to work with the media, organize
events, and influence decision makers.
Reposted from Ed
Mierzwinski on US PIRG's Consumer
Blog
Don't say yes to overdraft "protection" -- it's now the
law that banks need your consent for OD on new accounts
- Ed Mierzwinski
As of today, August 1, banks will need a new customer's opt-in (must
affirmatively agree or say yes) before imposing so-called overdraft
protection on debit and ATM card transactions. Effective August 15,
banks will need a current customer's consent to continue imposing the
so-called benefit that hurts you and enriches the bank. Don't say yes.
Ignore the entreaties, pleas, exhortations, solicitations, supplications
and, especially, ignore the opt-in forms from your bank or credit
union. Overdraft "protection" doesn't protect you, it costs you, $35 a
pop. Worried about the social stigma of having your card declined at the
coffee bar? Start carrying $5-10 bucks in your wallet again.
I
will admit, it is somewhat fascinating, if scary, to see some of the
sales pitches prepared by the PR flacks and behavioral economists at the
bank -- after all, they need to sell it now, because they need to
convince you that it makes sense to opt-in to a product that allows the
bank to overdraw your account at a coffee shop so that you can pay $39
for a latte-- $4 for the coffee and $35 for the "protection." Bob
Sullivan of the Red
Tape Chronicles has more.
The Federal
Reserve rules represent one of its few ventures into consumer
protection but are no reason to consider the Fed a robust consumer
protection agency. These new rules are essentially a do-over from a
series of ill-advised, bank-friendly regulatory decisions by the Fed
over the last ten years that distorted reality as they re-defined the
definition of a loan to allow overdraft protection without APR (interest
rate) disclosures) or concomitant consumer protections. At the same
time, its fellow regulator, the obscure but powerful Office of the
Comptroller of the Currency (OCC), aided and abetted abusive overdraft
practices by national banks, according to a report by our colleagues at
the Center
for Responsible Lending. Fortunately, we will soon have a Consumer
Financial Protection Bureau to enforce the rules.
Some large banks, such as
Bank of America, are dropping the "protection" schemes, but we are
watching closely to see what their next fee-gouging practice will be.
Meanwhile, Chase and others are aggressively attempting to confuse
consumers into saying yes or opting-in.
Despite all my caveats,
the new rules -- because they require a pro-consumer opt-in -- are
welcome and will save many customers billions of dollars. Now, we need
legislation to protect everyone who does opt-in, by capping the number
of overdrafts allowed and adding more consumer rights. We also need
strict enforcement of the rules, particularly as to whether bank efforts
to sell the product to consumers are unfair and deceptive. That's why
we need the CFPB.
Note: Consumers who don't opt-in won't face OD
fees at the ATM or debit card point of sale, but could still face
bounced checks or OD fees on certain recurring electronic transactions.
On July 15, the U.S. Senate passed the Wall Street Reform and
Consumer Protection Act by a count of 60 to 39.
The bill reins in Wall Street and protects consumers, investors,
and
taxpayers from further financial meltdowns. The
centerpiece of the reform legislation is the establishment of the new,
independent the Consumer Financial Protection Bureau to protect
consumers of financial products, including private student loans.
Also check out this short video reflecting on the passage of
financial reform legislation, including: an interview with U.S. PIRG
Consumer Program Director Ed Mierzwinski, a rally in DC organized by
Americans for Financial Reform, and DC office Director Gary Kalman
speaking at a press conference in the Capitol with Senate Majority
Leader Harry Reid.
Congress is on the verge of cutting $5 billion from the Pell grant
financial aid program. This would make college more expensive for close
to nine million students next year.
We can't afford this cut, especially when states are cutting college
budgets, causing tuition and fees to skyrocket.
After nearly two years of anticipation, the federal textbook price
disclosure law we passed
in 2008 officially goes into effect today. This law is a
tremendous step forward in our fight for textbook affordability, because
it empowers both students and professors to save money on textbooks.
Here's a quick summary of what this law means:
First, publishers are now required to give
professors detailed information about textbook prices and revision
histories, including the dates of the last 3 editions and a list of
alternate formats. Publishers
often withheld this information, hoping professors would choose
more expensive books. Getting these details on the table will make it
easier to identify and select lower-cost options.
Second, publishers are required to sell the
components of bundled textbooks separately, so students have the option
to buy their books without unnecessary CDs, workbooks and online
pass-codes.
Third, colleges need to list the required textbooks
for each course in the catalog students use to register. That way,
students know what they're getting into, and they have more time to shop
around.
The law will save money for some students right away - the new
information will help some professors choose
less expensive books, and savvy students will have more time to track down the best
deals. Over time, the law will have even greater benefits on
textbook costs. Increased transparency will build economic pressure on
publishers, which will pave the way for competition and
eventually force them to offer more affordable options.
For more information about the new federal textbooks law, click here.
This afternoon the Senate voted to block a bailout of the oil industry.
The Murkowski resolution, a.k.a the Dirty Air Act, a.k.a the Big Oil Bailout would have dismantled the Clean Air Act and barred the Environmental Protection Agency from regulating greenhouse gas pollution.
This would have been a giant step backward in our efforts to support clean energy and work for global warming solutions.
It's time for national action to cut our oil dependence, and move to a clean energy economy that prioritizes energy efficiency and clean, renewable energy. We need to hold polluters accountable for their actions. From oil spills to greenhouse gas emissions, enough is enough.
It’s been 6 weeks and the gulf oil spill disaster has become the worst
environmental disaster in US history. At this point it’s clear it
likely won’t
be stopped until August.
By then we'll see over one
hundred million gallons of oil dumped into the Gulf, poisoning our
coastlines for decades. To see the size, check out CNN's spill
tracker and for a bit of perspective, check out http://ifitwasmyhome.com
Despite
their insistence that offshore drilling is "safer than ever," we now
know that accidents can and will happen. They've
been happening for decades, and when you're talking about an
accident involving millions of gallons of oil, we can’t take the risk.
Today,
BP began airing commercials
apologizing for the accident, but no matter what they say, it's
too late to "make this right."
Today, Facebook announced
new privacy controls in response to recent complaints that their
settings are too complicated. The new, simpler, controls will be rolled
out over the next few weeks. Good, but not good enough.
You should
be the one to control what information you share, not
Facebook. Even with the new settings, Facebook will still share your information
with other companies without asking your permission first.
It’s been an unforgettable semester and year. Thank you for being a part
of it and for making sure students have a voice in America’s future.
Here are some of our biggest victories:
Passing the largest student financial aid law in history. In March, President Obama signed the largest student loan bill in history into law. The new law increases financial aid for students by $36 billion, and it won't cost taxpayers a dime because it's funded by cutting wasteful hand-outs to banks and loan companies like Sallie Mae and Citibank. Across the country 10,000 of you called, wrote, emailed, and tweeted your Congressmen asking them to take action. In addition, our DC staff worked tirelessly to bring your message to legislators and their staff.
Stopping the worst unfair practices by credit companies. In February the Credit CARD Act went into effect. This law protects students and ends some of the worst unfair practices of credit card companies, making it illegal for credit card companies to profit by tricking people into paying late. It was the outcry of students like you that passed this law, and the banks aren't happy about it - this is the first time in 40 years any law opposed by credit card companies has passed.
Helping rebuild Haiti, and fighting poverty here at home. It's been a tough year for many American families, and the earthquake in Haiti has affected millions. Through our annual Hunger Cleanup and Haiti relief fundraisers, thousands of students across the country volunteered for a day of service in their communities, planting gardens, painting, cleaning, serving food, collecting cans, and more. They also hosted date auctions, spare change drives, basketball and dodgeball tournaments, hunger strikes, and other events to raise money to donate to those in need. Together, we raised $70,000 for local agencies, Oxfam’s Haiti Relief and national efforts to combat poverty.
Building support for global warming solutions. We're calling on the Senate to build a clean energy economy that will create jobs and enhance America’s national security while protecting the environment. Across the country, we mobilized over 45,000 students and community members to contact their Senators to call for clean, renewable energy and an end to our dependence on oil and coal. From coast to coast we held events on campus and off, panel discussions, home weatherizations, video screenings, and energy saving competitions to educate thousands of people and resulting in more than 100 news stories about our work. At the University of Oregon we helped organize PowerShift
West for 500 students and young people. In New Jersey, we launched Energy Service Corps, a joint project with Americorps, to educate and engage New Jersey communities about energy efficiency.
Reforming the health care system in order to make health care affordable. Despite hundreds of millions of dollars spent by the insurance industry to stop reform, health insurance reform became law. Our priority has been to make health care affordable. This law takes unprecedented steps to lower costs for families and small businesses, and it prohibits insurers from using pre-existing conditions, errors on forms, and lifetime or yearly caps to drop your coverage or price it out of reach. It also helps young adults – a highly uninsured demographic - by allowing them to stay on their parents’ coverage until age 26.
With their new "instant
personalization" program Facebook is sharing your information with
companies like Microsoft and Yelp, and probably more to come, without
your permission.
You can block this new program, but only by changing several of your settings.
This
is ridiculous. Facebook should ask your permission before they share
information about you or your friends with other companies.
I want control of my information, and I want my information safe
and secure. There are already reports
of security holes with "instant personalization" sites that have
made personal information accessible to hackers.