Reining in Wall Street

STANDING UP FOR CONSUMERS IN THE FINANCIAL MARKETPLACE—For more than 20 years, Consumer Program Director Ed Mierzwinski has helped us stand up against big banks and credit card companies.

A Consumer Cop On the Financial Beat

You work hard for your money. You should be able to save, invest and generally manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future. And from the 2008 economic collapse, we know how big of an impact those institutions can have on our economy when they play fast and loose with our money. 

Since 2009, the solution has been clear. We need to have fair, clear, transparent and enforceable rules that protect consumers in the financial marketplace. Now, we know we can get there through the work of an agency that has those principles at the core of its mission — the Consumer Financial Protection Bureau.   

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, we’ve already seen their financial oversight return nearly $12 billion to consumers … in just five years. The CFPB holds big banks, debt collectors, and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on:


When American Honda Finance used discriminatory pricing to rip off African-American, Hispanic, and Asia/ Pacific Island borrowers who paid too much for car loans, the CFPB returned $24 million to these consumers.


The Department of Justice and 47 states joined the CFPB in a $216 million action against JP Morgan Chase Bank for illegal debt collection practices affecting over half a million Americans.


When it was discovered that Wells Fargo employees were opening unauthorized debit and credit accounts using their customer's information, the CFPB fined Wells Fargo $100 million for fraud.


The CFPB fined Equifax andTransUnion — two of the three largest credit reporting agencies — $5 million for selling inflated credit scores to consumers that were different from ones actually used by lenders and returned $17 million to those harmed by the deception.

But the CFPB doesn't just help consumers get their money back, it levels the financial playing field. The CFPB has several specialized departments for veterans, senior citizens, new homeowners, college students, and low-income consumers that seek to educate the public on how to stay safe and provide them with the tools they need to keep their finances secure.

Tell Your Senators: Stand Up For Consumers

Almost every day we hear about some new way of tricking, trapping and ripping off consumers. And despite the fact that tricks like these led directly to the 2008 financial collapse, some Wall Street banks are spending upwards of a million dollars every day to roll back the rules and the CFPB — the very agency that was created to keep them in check. Now, many legislators in Washington want to defund or destroy the CFPB.

Effective consumer protections aren't some sort of luxury we can't afford — they're hallmarks of a great country. As founders and leaders of the movement to create and protect the CFPB, we're working to make sure that our success not only sticks, but that we can build upon it.

Issue updates

Blog Post | Financial Reform

Efforts continue to make climate change a financial regulatory priority | Ed Mierzwinski

Half the country faces fire and wind, the other half wind, rain and flood. Despite nay-saying from some members of Congress, the Biden administration's financial regulators continue to make the global climate change crisis a financial regulatory priority. 

Cover graphic by Ron Mader via Flickr, some rights reserved.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Consumer Advocates Urge Court to Block Use of Findings of Unlawful Trump-Era CFPB Taskforce

Democracy Forward, the attorneys for U.S. PIRG, the National Association of Consumer Advocates and Professor Kathleen Engel, filed a motion for summary judgement Friday in U.S. Court in our lawsuit against the Trump-era CFPB's so-called Taskforce on Federal Consumer Financial Law.

> Keep Reading
Blog Post | Financial Reform

Will Executive Order Slow The March of the Mega-Banks? | Ed Mierzwinski

President Biden's recent Executive Order on promoting competition in the economy includes several specific recommendations on improving competition in the financial sector. It proposes that the CFPB give consumers more choices by giving them control of their financial data. It proposes that regulators strengthen oversight of bank mergers, which for years have been routinely rubber-stamped. While it doesn't specifically address the payment system oligopoly that raises the prices everyone pays, lowering swipe fees is also a logical outcome of the EO.

Cover photo of the Marriner Eccles Federal Reserve Building, Washington, DC by Rafael Saldaña via Flickr, Some Rights Reserved.

> Keep Reading
Blog Post | Financial Reform

House to take key vote to protect consumers today | Ed Mierzwinski

Today, the U.S. House takes a key vote. HR2668, the Consumer Protection and Recovery Act, would restore the FTC's Section 13(b) authority to hold wrongdoers accountable and compensate consumer-victims harmed by their actions. The Supreme Court had recently ruled that the power, used for over 40 years to recover billions, was not clearly articulated in law.

Cover photo via Flickr by Mr. Blue MauMau, some rights reserved.

> Keep Reading

Pages

News Release | U.S. PIRG | Financial Reform

Consumer Advocates Urge Court to Block Use of Findings of Unlawful Trump-Era CFPB Taskforce

Democracy Forward, the attorneys for U.S. PIRG, the National Association of Consumer Advocates and Professor Kathleen Engel, filed a motion for summary judgement Friday in U.S. Court in our lawsuit against the Trump-era CFPB's so-called Taskforce on Federal Consumer Financial Law.

> Keep Reading
News Release | U.S. PIRG Education Fund | Financial Reform

New report: the hidden costs of peer-to-peer payment apps

Consumer complaints about peer-to-peer (P2P) payment apps such as PayPal, Venmo and Square have surged during the pandemic year. In April, there were 970 digital wallet complaints — almost double the previous monthly high from July 2020. PIRG Education Fund analyzed this growing problem for a new analysis of the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

PIRGs Join 300+ Groups To Urge Congress To Rescind "Fake Lender Rule"

The state PIRGs and  U.S. PIRG joined 300+ consumer, faith and civil rights groups urging Congress to rescind a "fake lender" midnight regulation, which would allow predatory lending, even in 18 states and the District of Columbia where usury caps protect over 110 million consumers. 

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Statement: Credit bureaus need to do more than extend free weekly credit reports for another year

Our statement in response to the announcement by the Big Three credit bureaus that they would extend weekly free credit reports for another year in response to the pandemic. They can and  should do much more.

> Keep Reading
News Release | U.S. PIRG Education Fund | Financial Reform

Study: CFPB complaints shattered records in 2020, exposing how the COVID-19 pandemic battered consumer finances

Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the U.S. PIRG Education Fund.

> Keep Reading

Pages

Report | U.S. PIRG Education Fund | Financial Reform

Putting Consumers First

U.S. PIRG Education Fund, the Student Borrower Protection Center and Consumer Action have released a report recommending that  CFPB should use the full extent of its authority to take immediate action to strengthen its consumer complaint tool, hold companies accountable for providing complete and timely responses to consumers, and leverage consumer complaints related to the pandemic to support oversight and regulatory action to protect consumers.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Debt Collectors

Report: Our latest report based on the CFPB's public Consumer Complaint database reviews the most-complained about debt collectors. Funny, a new CFPB complaint "snapshot" does not. The report comes as the CFPB's acting director threatens to make the database non-public. If the CFPB both shuts down the public database and continues to issue industry-friendly reports that don’t give out any real information, the public and marketplace harm is even greater.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Shining A Light on Consumer Problems:

Our report, Shining A Light on Consumer Problems: The Case for Public Access to the CFPB’s Financial Complaints Database, details why it is important that the highly successful Consumer Financial Protection Bureau database of over one million consumer complaints remain open to the public, so consumers, researchers and others can study the financial marketplace.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Medical Debt Malpractice

Millions of Americans are contacted by debt collectors every year over debt related to medical expenses. "Medical Debt Malpractice" is the latest (9th) in our series based on analysis of complaints in the Consumer Financial Protection Bureau's public complaint database. The report demonstrates that the CFPB is a critical agency protecting consumers against unfair financial practices and needs to be defended against special interest attacks.

> Keep Reading
Report | U.S. PIRG | Financial Reform

Student, Education, and Consumer Groups Defend CFPB To Congress

On February 13, nearly 60 local, state and national student advocacy, professional, consumer, educational, faith and other organizations sent a letter to Congressional leaders expressing "strong support for the crucial work the Consumer Financial Protection Bureau (CFPB) does on behalf of student loan borrowers." The "borrower-focused" letter also urged Congress "to ensure the agency remains well-positioned to solve borrowers’ problems, which includes protecting the Bureau’s single-Director structure and its independent funding, and maintaining Director Richard Cordray until his term ends."

> Keep Reading

Pages

Blog Post | Financial Reform

Efforts continue to make climate change a financial regulatory priority | Ed Mierzwinski

Half the country faces fire and wind, the other half wind, rain and flood. Despite nay-saying from some members of Congress, the Biden administration's financial regulators continue to make the global climate change crisis a financial regulatory priority. 

Cover graphic by Ron Mader via Flickr, some rights reserved.

> Keep Reading
Blog Post | Financial Reform

Will Executive Order Slow The March of the Mega-Banks? | Ed Mierzwinski

President Biden's recent Executive Order on promoting competition in the economy includes several specific recommendations on improving competition in the financial sector. It proposes that the CFPB give consumers more choices by giving them control of their financial data. It proposes that regulators strengthen oversight of bank mergers, which for years have been routinely rubber-stamped. While it doesn't specifically address the payment system oligopoly that raises the prices everyone pays, lowering swipe fees is also a logical outcome of the EO.

Cover photo of the Marriner Eccles Federal Reserve Building, Washington, DC by Rafael Saldaña via Flickr, Some Rights Reserved.

> Keep Reading
Blog Post | Financial Reform

House to take key vote to protect consumers today | Ed Mierzwinski

Today, the U.S. House takes a key vote. HR2668, the Consumer Protection and Recovery Act, would restore the FTC's Section 13(b) authority to hold wrongdoers accountable and compensate consumer-victims harmed by their actions. The Supreme Court had recently ruled that the power, used for over 40 years to recover billions, was not clearly articulated in law.

Cover photo via Flickr by Mr. Blue MauMau, some rights reserved.

> Keep Reading
Blog Post | Financial Reform

House to vote on restoring FTC powers to compensate victims of corporate crime | Ed Mierzwinski

Next week, the full House of  Representatives is expected to vote on HR2668, critical legislation to restore Federal Trade Commission authority to disgorge ill-gotten gains from corporate wrongdoers to use to compensate victims of the crime. This spring, the Supreme Court had held that the power was not clearly defined in law, even though courts had upheld the authority for many years, allowing the FTC to return billions of dollars  to consumers.

-- Cover graphic of FTC Building via Flickr, by Boston Public Library, Some rights reserved.

> Keep Reading

Pages

Blog Post

Half the country faces fire and wind, the other half wind, rain and flood. Despite nay-saying from some members of Congress, the Biden administration's financial regulators continue to make the global climate change crisis a financial regulatory priority. 

Cover graphic by Ron Mader via Flickr, some rights reserved.

News Release | U.S. PIRG

Democracy Forward, the attorneys for U.S. PIRG, the National Association of Consumer Advocates and Professor Kathleen Engel, filed a motion for summary judgement Friday in U.S. Court in our lawsuit against the Trump-era CFPB's so-called Taskforce on Federal Consumer Financial Law.

Blog Post

President Biden's recent Executive Order on promoting competition in the economy includes several specific recommendations on improving competition in the financial sector. It proposes that the CFPB give consumers more choices by giving them control of their financial data. It proposes that regulators strengthen oversight of bank mergers, which for years have been routinely rubber-stamped. While it doesn't specifically address the payment system oligopoly that raises the prices everyone pays, lowering swipe fees is also a logical outcome of the EO.

Cover photo of the Marriner Eccles Federal Reserve Building, Washington, DC by Rafael Saldaña via Flickr, Some Rights Reserved.

Blog Post

Today, the U.S. House takes a key vote. HR2668, the Consumer Protection and Recovery Act, would restore the FTC's Section 13(b) authority to hold wrongdoers accountable and compensate consumer-victims harmed by their actions. The Supreme Court had recently ruled that the power, used for over 40 years to recover billions, was not clearly articulated in law.

Cover photo via Flickr by Mr. Blue MauMau, some rights reserved.

Financial Reform

Congressional override finally bans anonymous shell companies

From terrorist financing to Medicare fraud, anonymous shell companies have shielded the identities of wrongdoers and served as financial getaway cars for hiding dirty money. But in a historic override of a presidential veto, Congress has outlawed anonymous shell companies in the United States.

 
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