Tag Archives: Accountable.US

New Rule From Agency Trump Wants Destroyed Would Save Consumers $5 Billion Per Year in Overdraft Fees

One advocate called the CFPB’s new rule “a major milestone in its effort to level the playing field between regular people and big banks.”

By Julia Conley. Published 12-12-2024 by Common Dreams

*Consumer Financial Protection Bureau. Photo: ajay_suresh/flickr/CC*

The Consumer Financial Protection Bureau, one of President-elect Donald Trump’s top expected targets as he plans to dismantle parts of the federal government after taking office in January, announced on Thursday its latest action aimed at saving households across the U.S. hundreds of dollars in fees each year.

The agency issued a final rule to close a 55-year-old loophole that has allowed big banks to collect billions of dollars in overdraft fees from consumers each year,

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Judges Block Kroger-Albertsons Merger in ‘Win for Farmers, Workers, and Consumers’

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“We applaud the FTC for securing one of the most significant victories in modern antitrust enforcement,” said one advocate.

By Jessica Corbett. Published 12-10-2024 by Common Dreams

*Southern California grocery workers rally against Albertsons-Kroger merger in 2023 Screenshot: KTLA 5/YouTube*

Antitrust advocates on Tuesday welcomed a pair of court rulings against the proposed merger of grocery giants Kroger and Albertsons, which was challenged by Federal Trade Commission Chair Lina Khan and multiple state attorneys general.

“The FTC, along with our state partners, scored a major victory for the American people, successfully blocking Kroger’s acquisition of Albertsons,” said Henry Liu, director of the commission’s Bureau of Competition, in a statement. “This historic win protects millions of Americans across the country from higher prices for essential groceries—from milk, to bread, to eggs—ultimately allowing consumers to keep more money in their pockets.”

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Corporate Landlords’ Profits Soar as Tenants Drown in Rent Hikes and Fees

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“Through-the-roof rent hikes based on greed—not need—have kept many Americans from getting ahead,” said one advocate at Accountable.US.

By Julia Conley. Published 6-12-2024 by Common Dreams

*Yn 2002, the Roosevelt began operating as a luxury apartment building (Camden Roosevelt), owned by Camden Property Trust. Photo: NCinDC/flickr.CC*

With monthly inflation down to its lowest point in more than two years and heading toward the Federal Reserve’s target, the Biden administration on Wednesday celebrated “welcome progress.”

But an analysis from Accountable.US showed how more than 100 million people who rent their homes in the U.S. are not seeing the benefits of what one Biden spokesperson called “the great American comeback” in their housing costs, particularly millions of people whose homes are owned by corporate landlords.

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‘Consumers Win’ as Supreme Court Rejects ‘Radical’ Attack on CFPB

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Amid celebrations over the ruling, one legal expert warned, “Don’t confuse ‘SCOTUS slaps down a wackadoodle 5th Circuit decision’ with ‘SCOTUS is more moderate than its critics claim.'”

By Jessica Corbett. Published 5-16-2024 by Common Dreams

*Consumer Financial Protection Bureau Director Rohit Chopra. Screenshot: CNBC*

Legal experts and progressive advocates on Thursday applauded the U.S. Supreme Court’s 7-2 decision to uphold the Consumer Financial Protection Bureau’s funding mechanism but also cautioned against praising the far-right justices.

While Justices Samuel Alito and Neil Gorsuch dissented, fellow right-winger Clarence Thomas penned the opinion in CFPB v. Consumer Financial Services Association of America, joined by the other three conservatives and three liberals—two of whom wrote concurring opinions.

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With Overdraft Fee Crackdown, ‘CFPB Is Doing What It Was Designed to Do’

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“The CFPB is proposing clear, enforceable rules that will reduce overdraft fees and save Americans billions, closing another lucrative regulatory loophole banks use to prey on consumers,” said one advocate.

By Brett Wilkins. Published 1-17-2024 by Common Dreams

*Consumer Financial Protection Bureau Director Rohit Chopra testified on a semi-annual report of his agency before the House Financial Services Committee on Nov 29, 2023. Screenshot: C-SPAN*

In a move cheered by progressive advocates, the U.S. Consumer Financial Protection Bureau on Wednesday proposed a new rule limiting how the nation’s biggest banks can charge overdraft fees.

The CFPB said its proposal “would close an outdated loophole that exempts overdraft lending services from long-standing provisions of the Truth in Lending Act and other consumer financial protection laws.”

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With Alito’s Billionaire Patron Holding $90 Million in Finance Firms, Watchdog Demands Recusal From CFPB Case

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“Should Justice Alito preside over this case despite his clear conflicts of interest, it would add to the worsening Supreme Court corruption crisis and underscore the urgent need for ethics reform,” said one critic.

By Julia Conley. Published 9-18-2023 by Common Dreams

Samuel-Alito. Screenshot: Conversations with Bill Kristol

Anti-corruption watchdog Accountable.US on Monday said there is a clear need for U.S. Supreme Court Justice Samuel Alito to recuse himself from an upcoming court case regarding the Consumer Financial Protection Bureau, as a new analysis revealed the extent of one of his key associate’s financial interests in the case.

The group released new data showing that hedge fund manager Paul Singer holds at least $90 million in financial firms overseen by the CFPB, which was established in 2011 through the Dodd-Frank Wall Street Reform and Consumer Protection Act and has since provided $16 billion in financial relief to defrauded consumers and ordered companies to pay $3.7 billion in penalties.

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A ‘Landmark Victory’ for Consumers and Climate as California Passes Big Oil Price Gouging Law

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“Whether it’s price gouging at the pump or drilling in people’s backyards, Big Oil’s days of harming our health and our pocketbooks must end,” said one advocate.

By Brett Wilkins. Published 3-28-2023 by Common Dreams

A pump in Gorda, California in 2021. Screenshot: KSBW

Climate and consumer advocates on Tuesday hailed California lawmakers’ passage of legislation aimed at tackling Big Oil price gouging as the proposal headed to the desk of Democratic Gov. Gavin Newsom, who said he will sign the measure into law.

The California Assembly voted 52-19 on Monday in favor of S.B. X1-2—authored by state Sen. Nancy Skinner (D-9)—which will empower the California Energy Commission (CEC) to impose profit caps and penalties on refiners and create an intra-agency watchdog tasked with conducting greater oversight of fossil fuel companies to minimize profiteering. Continue reading →

GOP House Puts Big Oil’s Revolving Door Into High Gear

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“These lobbyists are not getting hired to advocate for American energy consumers—they will push an agenda that benefits the new majority’s donors no matter what it costs taxpayers.”

By Brett Wilkins Published 1-27-2023 by Common Dreams.

Nancy Peele, chief of staff to House Natural Resources Committee Chair Bruce Westerman (R-Ark.), is a former fossil fuel lobbyist for companies responsible for the 2010 Gulf oil spill. (Photo: Nancy Peele/LinkedIn)

An analysis published Friday by the nonpartisan watchdog Accountable.US revealed that numerous former fossil fuel lobbyists are being hired to work for the Republican-controlled 118th Congress, including in high-level positions on the House Natural Resources Committee.

“As the Republicans majority begins the new Congress, former oil industry lobbyists will have new and growing influence as top staffers for congressmen on key committees,” the analysis states. Continue reading →

House GOP Scraps Consumer Protection Panels in ‘First of Many Gifts’ to Wall Street

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Republican Chair Patrick McHenry “wasted no time seeking payback on behalf of his biggest donors by scrapping key subcommittees dedicated to consumer protection and preventing industry discrimination,” said Accountable.US.

By Julia Conley Published 113-2023 by Common Dreams

Rep. Patrick McHenry (R-N.C.) speaks at the Brookings Institute in 2017. Photo: Brookings Institution/flickr/CC

The U.S. committee tasked with overseeing the financial sector on Thursday “dispelled any doubt of their intent to do the bidding of the financial industries over the interests of everyday families,” said a government watchdog group as the panel signaled it will significantly scale back its efforts to push for consumer protections on Wall Street.

House Financial Services Committee (HFSC) Chair Patrick McHenry (R-N.C.) announced the new Republican subcommittee chairmanships, with new panels including the Subcommittee on Financial Institutions and Monetary Policy—tasked with overseeing the Consumer Financial Protection Bureau (CFPB)—and the Subcommittee on Digital Assets, Financial Technology, and Inclusion, headed by pro-cryptocurrency Rep. French Hill (R-Ark.). Continue reading →

As Consumers Pay, Oil CEOs Refuse to Testify to Congress About Soaring Prices

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“While Americans struggle with high gas prices, these companies are doing victory laps, showering their already wealthy executives and shareholders with billions in stock buybacks and bonus compensation,” said one watchdog group. “They should be ashamed.”

By Julia Conley Pubished 3-29-2022 by Common Dreams

Photo: Joel Kramer/flickr/CC

As people across the United States face record-high gas prices—compounded by rising grocery bills and prices for other essentials—executives at three major oil companies are refusing to testify before Congress about what their firms could do to lessen the burden on U.S. households, leaving Democratic lawmakers and consumer advocates to condemn the companies for profiting amid lower and middle-class people’s financial pain.

Rep. Raúl M. Grijalva (D-Ariz.), who chairs the House Natural Resources Committee, had invited the CEOs of EOG Resources Inc., Devon Energy Corp. and Occidental Petroleum Corp. to testify next week, only to be rebuffed Tuesday by the executives, who have personally profited off gas prices which averaged $4.24 per gallon on Monday. Continue reading →

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Tag Archives: Accountable.US

GOP House Puts Big Oil’s Revolving Door Into High Gear

“These lobbyists are not getting hired to advocate for American energy consumers—they will push an agenda that benefits the new majority’s donors no matter what it costs taxpayers.”

House GOP Scraps Consumer Protection Panels in ‘First of Many Gifts’ to Wall Street

Republican Chair Patrick McHenry “wasted no time seeking payback on behalf of his biggest donors by scrapping key subcommittees dedicated to consumer protection and preventing industry discrimination,” said Accountable.US.