Press Releases
Currently showing results related to Consumer and Financial Protection
Durbin Calls for Report on FDA Enforcement of Dietary Supplement Safety Law
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today sent a letter asking the Government Accountability Office (GAO) to determine how effectively a system set up by the U.S. Food and Drug Administration (FDA) is protecting consumers from potentially unsafe dietary supplements is working and what steps the agency is taking steps to ensure compliance by dietary supplement manufacturers. The adverse event reporting system was required in bipartisan legislation authored by Durbin and passed b… Continue Reading
11.08.11
Durbin Joins Senators in Urging Justice Department, FDA to Appeal Ruling that Bars Implementation of New Tobacco Warning Labels
[WASHINGTON, D.C] - U.S. Senator Dick Durbin (D-IL) joined Senators Frank R. Lautenberg (D-NJ), Tom Harkin (D-IA), Sherrod Brown (D-OH), Jeff Merkley (D-OR) and Richard Blumenthal (D-CT) today in sending a letter to the U.S. Department of Justice (DOJ) and the Food and Drug Administration (FDA) urging an immediate appeal of a U.S. District Court decision that halts the implementation of the FDA's new graphic warning labels on cigarette packages. The labels were set to take effect next fall. … Continue Reading
11.07.11
Durbin Calls on Illinois Banks and Credit Unions to Adopt Fee Disclosure Form
[CHICAGO, IL] - While recent reforms have helped bring transparency to the system of debit card swipe fees, more has to be done in order to stop hidden fees and make sure consumers understand what they are getting when it comes to banking services, U.S. Senators Dick Durbin (D-IL) said today. Durbin called on Illinois' financial institutions to voluntarily adopt a bank account fee disclosure form designed to make checking account terms and fees transparent and easy to understand. Today, Du… Continue Reading
11.04.11
Durbin Calls for STB to Investigate Canadian National Train Derailment
[WASHINGTON, D.C.] - Following the second derailment of a Canadian National train near Elgin this year, U.S. Senator Dick Durbin (D-IL) today called on the Surface Transportation Board (STB) to open an investigation to determine if Canadian National is properly maintaining and upgrading the Elgin, Joliet and Eastern (EJ&E) railway to handle hazardous materials and prevent derailments. The train which was reportedly carrying three hazardous material chemicals - sodium hydroxide, ferrous sulf… Continue Reading
11.04.11
Durbin: House Bill Would Undermine Most Comprehensive Reforms of Food Safety System in 70 Years
[GRANITE CITY, IL] - A recent outbreak of E. coli in the St. Louis region highlights the critical importance of the Food and Drug Administration's ability to ensure the safety of our nation's food supply and demonstrates the danger of spending cuts approved by the House of Representatives, U.S. Senator Dick Durbin (D-IL) said today. The House funding cuts, which passed in June, would halt or delay key reforms that were part of the Durbin-authored FDA Food Safety Modernization Act (FMSA), which w… Continue Reading
11.03.11
Letter to Acting Director of the Consumer Financial Protection Bureau Raj Date
TO: Mr. Raj Date Special Advisor to the Secretary of the Treasury Consumer Financial Protection Bureau 1801 L Street, NW Washington, DC 20036 Dear Mr. Date: We write to urge the Consumer Financial Protection Bureau to move swiftly to require financial institutions to post on their websites a standardized, concise and consumer-friendly disclosure form that lists the fees and key terms associated with checking accounts. In recent weeks, American consumers have made clear their… Continue Reading
11.03.11
Durbin, Reed to Call on Banks to Adopt Fee Disclosure Form
[WASHINGTON, D.C.] - U.S. Senators Dick Durbin (D-IL) and Jack Reed (D-RI) today called on the nation's 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. Following the sensible decision by Bank of America, Wells Fargo and other banking giants to roll back or cancel planned debit card usage fees, consumers are now at risk from new, hidden fees being issued in their place… Continue Reading
10.19.11
Letter to Wells Fargo CEO John Stumpf
TO: John G. Stumpf Chairman, President and CEO Wells Fargo & Company 420 Montgomery St. San Francisco, CA 94163 Dear Mr. Stumpf: On October 14, your bank reportedly began charging your customers a $3 monthly fee to access their own deposited money using a Wells Fargo debit card. This $3 monthly fee is being imposed on your customers in five states: Georgia, Nevada, New Mexico, Oregon and Washington. It is certainly surprising that your bank would pursue this fee strategy in… Continue Reading
10.19.11
Durbin to Wells Fargo: Your Numbers Don't Add Up
[WASHINGTON, D.C.] - Days after Wells Fargo announced its third quarter profits were up 21%, US Senator Dick Durbin (D-IL) has sent a letter asking the banking giant to explain the need for a new fee for its customers to access their own money using their debit card. The new fee, currently being tested in five states, is similar to the fee Bank of America announced last month to wide criticism from its customers. "It is certainly surprising that your bank would pursue this fee strategy in li… Continue Reading
10.04.11
Letter to the Illinois Bankers Association, Illinois Credit Union League and the Community Bankers Association of Illinois
TO: Linda Koch President and CEO Illinois Bankers Association Dan Plauda President and CEO Illinois Credit Union League Robert Wingert President Community Bankers Association of Illinois Dear Ms. Koch, Mr. Plauda and Mr. Wingert: As you know, several of the largest banks have recently announced they will charge consumers for debit card usage. In response, many consumers in Illinois and across the country are looking to move their deposit accounts from these banks to sm… Continue Reading
10.03.11
Durbin to Bank of America: Choose Between Your Customers and Excessive Profits
[WASHINGTON, D.C.] - Assistant Majority Leader Dick Durbin (D-IL) blasted Bank of America's new debit card fee in a speech on the Senate floor and in a letter to Brian Moynihan, CEO of the nation's largest bank. Last week, Bank of America announced it would begin charging a $5 monthly fee for use of a debit card. Durbin wrote: "[Y]our bank has decided to impose a significant new fee on loyal customers who simply want to access their own deposited money through a card that your bank gave them… Continue Reading
10.03.11
Letter to Bank of America CEO Brian Moynihan
TO: Brian T. Moynihan, Chief Executive Officer Bank of America Corporation 100 N. Tryon St. Charlotte, NC 28255 Dear Mr. Moynihan: On September 29 it was reported that Bank of America would begin charging its customers a $5 monthly fee for the use of a debit card. In other words, your bank has decided to impose a significant new fee on loyal customers who simply want to access their own deposited money through a card that your bank gave them and encouraged them to rely on. I challe… Continue Reading
10.03.11
Bank of America's Outrageous New Fees
Mr. President, I wish to take those who are following this debate on a little trip through the world of plastic. I am talking about the world of credit cards--in this case, specifically about debit cards--because something happened over the weekend which has changed that world dramatically, and it is important for consumers, retailers, and voters across America to understand what happened. On October 1--on Saturday--the rules on how much a credit card company and a bank that issues a debi… Continue Reading
10.01.11
Durbin Statement on New Swipe Fee Reforms Taking Effect
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) released the following statement today regarding new regulations which finally bring fairness, transparency and competition to the debit swipe fee system: "Today, swipe fee reforms take effect and will finally help bring fairness, transparency and competition to a debit card system that for years has operated without them." "These rules will give small businesses some relief from the unreasonably high fees that the Visa and MasterC… Continue Reading
09.29.11
Durbin Statement on Bank of America Fee Announcement
[WASHINGTON, DC] - U.S. Senator Dick Durbin (D-IL) released the following statement today after Bank of America announced it would begin charging debit card users a monthly fee for the use of their cards: "It seems that old habits die hard for Bank of America. After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers. It's overt, unfair and I hope their custome… Continue Reading
09.20.11
Durbin, Kirk Ask Metra to Justify Fare Increases, Consulting Fees
[CHICAGO, IL] - United States Senators Dick Durbin (D-Ill.) and Mark Kirk (R-Ill.) today sent a letter to Alex Clifford, Executive Director and CEO of Metra, asking him to offer an explanation of costs incurred by the agency, and justify the proposed 30% fare increase. Metra currently has a six-month, $225,000 contract with George Avery Grimes, a consultant brought on to increase agency efficiencies and reduce costs. Grimes' contract is under review for a six-month extension. In their letter, Du… Continue Reading
09.14.11
Durbin Unveils 2012 Financial Services, General Government Appropriations Bill
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL), Chairman of the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG), today unveiled the subcommittee's appropriations package for fiscal year 2012. The bill covers $21.73 billion in discretionary spending for the nation's consumer and financial watchdogs, over two dozen agencies within the Executive Branch; the Federal Courts; District of Columbia; and independent agencies. "This yea… Continue Reading
09.13.11
Durbin Says Code of Conduct Shows Willingness of For-profit College Industry to Improve Transparency; Encourages Further Action
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today made the following statement after many for-profit colleges announced that they have signed on to a voluntary agreement called, "Standards of Responsible Conduct and Transparency". "For-profit colleges signing on to a voluntary code of conduct shows that some in the industry are willing to take a first step towards establishing standards of transparency and accountability. More needs to be done and those schools which resist even t… Continue Reading
08.17.11
Durbin Announces More Than $5.7 Million in USDA Funding for Rural Development
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today announced that the U.S. Department of Agriculture's (USDA) Rural Development division has awarded a total of $5,709,200 in Community Facility Grants and Loans and Water and Waste Disposal Grants and Loans to local organizations in Illinois. "Community facilities and services are an important part of everyday life for millions of rural Illinoisans," said Durbin "This funding makes a significant investment in the continued operation an… Continue Reading
08.16.11
Durbin Announces More Than $1.6 Million in CDC Funding to Strengthen Public Health Infrastructure
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today announced that the Centers for Disease Control and Prevention (CDC), part of the U.S. Department of Health and Human Services (HHS), has awarded a total of $1,662,129 in funding to two Illinois state and local government offices. "We have a national responsibility to improve the anticipation, detection, and treatment of preventable infections," said Durbin. "Today's funding will help meet that goal as it makes it easier for health de… Continue Reading