Press Releases
Currently showing results related to Consumer and Financial Protection
Durbin, Reed Statement on CFPB Inquiry into Impact of Overdraft Fees on Consumers
[WASHINGTON, D.C.] - U.S. Senators Dick Durbin (D-IL) and Jack Reed (D-RI) today released the following statements after the Consumer Financial Protection Bureau (CFPB) announce they are launching an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. The CFPB also announced that they are developing a "penalty fee box" - a disclosure on a consumer's checking account statement that would highlight the amount overdrawn and total overdraft fee… Continue Reading
02.14.12
Durbin Applauds Inland Bank's Decision to Adopt Fee Disclosure Form
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) sent a letter to Inland Bank CEO, Howard Jaffe, yesterday applauding the bank's decision to voluntarily adopt a disclosure form designed to make checking and savings accounts terms and fees transparent and easy for consumers to understand, as he has been urging. A copy of that letter is pasted below and attached. "Inland Bank's decision to voluntarily adopt a simple and clear fee disclosure form will help consumers and shows that transpare… Continue Reading
02.14.12
Durbin: Consumers Deserve Clear, Concise Information About Their Health Care Costs
[WASHINGTON, D.C.] - As additional consumer-oriented provisions of the landmark health care reform law continue to be implemented, U.S. Senator Dick Durbin (D-IL) today applauded a new federal rule that will help Illinoisans and all Americans better understand their out-of-pocket health care costs, make better health insurance choices, and prevent after-the-fact sticker-shock. The rule requires insurers to provide a clear, concise summary of a plan's benefits and coverage costs as well a simple … Continue Reading
02.09.12
Durbin Statement on Major Housing Settlement
[WASHINGTON, D.C.] - US Senator Dick Durbin (D-IL) released the following statement after a group of States Attorneys General - including Illinois Attorney General Lisa Madigan - reached a $25 billion settlement with the nation's five largest banks over lending practices that led to the housing market crash. Illinois stands to receive $1 billion in assistance. "Today's settlement with five major banks is an important victory for homeowners across the country who have been the victims of heav… Continue Reading
02.06.12
Durbin Commends Amtrak and Metra for Actions to Lower Pollution, Calls on Old Post Office Owner to Cooperate
[CHICAGO, IL] - A collaborative effort among Amtrak, Metra, and state and federal agencies to reduce diesel soot emissions and improve air quality in and around Union Station has already produced positive results, but further progress requires the full cooperation of adjacent property owners, U.S. Senator Dick Durbin (D-IL) said today. Durbin wrote a letter today to the owner of the Old Post Office located south of Union Station to ask that he properly maintain and operate the ventilation system… Continue Reading
01.25.12
Durbin, Senators to FDA: Deceptive Marketing of Cigarettes Must be Stopped
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today joined Senators Frank R. Lautenberg (D-NJ), Tom Harkin (D-IA), Sherrod Brown (D-OH) and Richard Blumenthal (D-CT) in calling on the Food and Drug Administration (FDA) to crack down on marketing by cigarette companies that misleads consumers about the safety of their products. Cigarette companies have adapted their advertising and marketing practices to skirt restrictions signed into law in 2009 and the FDA must take action, the Senators… Continue Reading
01.10.12
Durbin Calls on Illinois Colleges and Universities to Help Protect Students from Hidden Bank Fees
[EDWARDSVILLE, IL] - Colleges and universities should take a leading role in promoting transparency in checking account fees, U.S. Senator Dick Durbin (D-IL) said today at Southern Illinois University-Edwardsville. Durbin called on Illinois schools to encourage their partner financial institutions to voluntarily adopt a bank account fee disclosure form designed to make checking account terms and fees transparent and easy for consumers to understand. College students - many of whom open checking … Continue Reading
01.04.12
Durbin Statement on Cordray Appointment
[WASHINGTON, DC] - Assistant Majority Leader, Senator Dick Durbin (D-IL), released the following statement today after President Obama announced that he will appoint Richard Cordray to head the Consumer Financial Protection Bureau: "After months of delay by Senate Republicans, Cordray's nomination was called and defeated by a filibuster. Sadly, there were no objections to Cordray's qualifications only a decision by Senate Republicans to cripple this agency and try to politically punish the … Continue Reading
12.22.11
Durbin and Senator Call for End to Cigar Company's Sponsorship of NCAA Orange Bowl
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) was joined by Senators Frank R. Lautenberg (D-NJ) and Richard Blumenthal (D-CT) in calling on the National Collegiate Athletic Association (NCAA) and the Orange Bowl Committee to reconsider a three-year agreement making a cigar company - Camacho Cigars - a corporate sponsor of the Discover Orange Bowl. "Tobacco has no place in sports, and the promotion of cigars at the Orange Bowl sends the wrong message to young fans," the Senators wrote.… Continue Reading
12.16.11
Durbin Calls on Illinois Banks to Follow Chase's Lead and Adopt Fee Disclosure Forms
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) sent letters to the Illinois Bankers Association, the Illinois Credit Union League and the Community Bankers Association of Illinois today, urging them to follow the lead of Chase bank and ask their membership to adopt a disclosure form designed to make checking account terms and fees transparent and easy for consumers to understand. A copy of the form, developed by The Pew Charitable Trusts' Safe Checking in the Electronic Age Project, is… Continue Reading
12.15.11
Durbin and Senators Request Ban on Flavored Cigars
[WASHINGTON, D.C.] - U.S. Senators Dick Durbin (D-IL), Frank R. Lautenberg (D-NJ), Sherrod Brown (D-OH), Jeff Merkley (D-OR) and Richard Blumenthal (D-CT) in sending a letter to the U.S. Food and Drug Administration (FDA) asking it to ban flavored cigars. "Cigars with candy-like flavorings such as strawberry, watermelon, vanilla and chocolate attract kids to smoking and help hook them on this addictive habit," the Senators wrote. "Congress helped protect young people from the harmful effect… Continue Reading
12.15.11
Durbin Applauds Chase's Decision to Adopt Fee Disclosure Form
WASHINGTON, D.C.] - U.S. Senators Dick Durbin (D-IL) released the following statement today after Chase, the nation's largest bank, announced it will voluntarily adopt a disclosure form designed to make checking account terms and fees transparent and easy for consumers to understand, as he has been urging. A copy of the form, developed by The Pew Charitable Trusts' Safe Checking in the Electronic Age Project, is attached. It outlines all the basic checking account terms and conditions - inc… Continue Reading
12.09.11
Durbin Calls on Illinois-based For-profit College to Refund Tuition if Programs Lose Accreditation
[WASHINGTON, D.C.] - After learning that the former CEO of Career Education Corporation (CEC) is set to receive a $5 million severance, U.S. Senator Dick Durbin (D-IL) today called on the Illinois-based company to refund tuition to students if their program of study loses accreditation. CEC, which owns and operates Le Cordon Bleu and the International Academy of Design and Technology in Chicago, risks losing accreditation after its national accreditor discovered that the company directly violat… Continue Reading
12.08.11
Durbin Statement on the Filibuster of Richard Cordray's Nomination to Head the Consumer Financial Protection Bureau
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) released the following statement today after the nomination of Richard Cordray to head the Consumer Financial Protection Bureau was blocked by filibuster: "Richard Cordray is competent, qualified, and an honorable public servant and his nomination to head the Consumer Financial Protection Bureau deserved an up-or-down vote. Unbelievably, the big banks and their backers in Congress have done all they can to hamstring this bureau and prevent… Continue Reading
12.07.11
Durbin, Harkin: GAO Report Rejects For-Profit College Industry's Excuse for Poor Student Success Rates
[WASHINGTON, D.C.] - U.S. Senators Dick Durbin (D-IL) and Tom Harkin (D-IA) announced that a new Government Accountability Office (GAO) report debunks the for-profit college industry's longtime excuse for poor student success rates at their schools: that they enroll students whose socioeconomic status and other characteristics make them "high-risk." Today's GAO report, which compares student success rates at for-profit, nonprofit, and public colleges, controlled for those characteristics and f… Continue Reading
12.07.11
Durbin Applauds STB Decision to Further Investigate Canadian National in Light of Recent Train Derailment
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today applauded the Surface Transportation Board (STB) for exercising its oversight authority to determine whether Canadian National is properly maintaining and upgrading the Elgin, Joliet & Eastern (EJ&E) Railway to handle hazardous materials and prevent derailments in light of a recent train derailment in an area near Elgin, Illinois. In a letter to Canadian National, the STB explained that this is the second audit ordered of Canadi… Continue Reading
12.05.11
Durbin, Kirk Request Surface Transportation Board Review of Barrington EJ&E Study
[CHICAGO, IL] - U.S. Senators Dick Durbin (D-IL) and Mark Kirk (R-IL) today sent a letter to members of the Surface Transportation Board regarding the Village of Barrington's petition seeking additional mitigation efforts from the Canadian National Railway Company (CN) following its acquisition of the Elgin, Joliet and Eastern Railway Company (EJ&E). In May, the Village commissioned a study regarding the impact of CN's increased use of the EJ&E line that bisects the community. The Vi… Continue Reading
11.30.11
Durbin, Lautenberg applaud DOJ Appeal of Ruling That Blocks New Tobacco Warning Labels
WASHINGTON - U.S. Senators Dick Durbin (D-IL) and Frank R. Lautenberg (D-NJ) today applauded the Obama Administration for its decision to appeal a court ruling that blocks the Food and Drug Administration (FDA) from requiring new graphic warning labels on cigarette packages and advertisements. "We applaud the Justice Department for appealing this ruling and fighting for public health, especially the health of our children." the Senators said. "The FDA's new labels provide a warning about the r… Continue Reading
11.18.11
Durbin: STB Taking a Closer Look at Canadian National in Light of Recent Train Derailment
[WASHINGTON, D.C.] - In a letter to U.S. Senator Dick Durbin (D-IL), the Surface Transportation Board (STB) confirmed that they are closely monitoring Canadian National's operation of the Elgin, Joliet & Eastern (EJ&E) Railway and working with the Federal Railroad Administration in light of a recent train derailment. The train which was reportedly carrying hazardous material chemicals - sodium hydroxide and ferric sulfate - derailed on November 3, throwing 22 train cars off the tracks a… Continue Reading
11.18.11
Durbin Urges Consumer Bankers Association's Membership to Adopt Fee Disclosure Form
[WASHINGTON, D.C.] - In a letter today, US Senator Dick Durbin asked the Consumer Bankers Association (CBA) to urge their membership to adopt clear and easy-to-understand fee disclosure forms after CBA President Richard Hunt said that he and his membership supports transparency. "On November 3, you stated publicly that 'CBA and our member banks support clear and easy-to-understand disclosures which are meaningful for our customers.' I commend you for this statement and agree that it is impor… Continue Reading