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

Mulvaney Lobs One Last Softball To Industry Opponents of CFPB | Ed Mierzwinski

As the year 2018 came to an end, U.S. PIRG, Americans for Financial Reform and AFR members filed the last in in a seemingly interminable series of Consumer Financial Protection Bureau Requests for Information. Although there was no clear intent to this "Data Collection" RFI, we, and allied academic scholars who filed a separate comment, both inferred it as another opportunity for industry opponents of the CFPB to attack the Bureau's consumer protection mission -- this time by challenging its collection and use of data to evaluate and respond to financial marketplace problems that harm consumers. 

> Keep Reading
Blog Post | Financial Reform

EU NGOs Blast Google Locational Data Collection as US Groups Blast FTC on Privacy | Ed Mierzwinski

Today, 7 member groups of the European Consumer Organization (BEUC) asked each of their national Data Protection Authorities to investigate Google Android's smartphone locational data collection practices following an investigative report by the Norwegian Consumer Council (Forbrukerrådet) finding that Google may be in violation of the new European GDPR privacy law. All the groups are members of the U.S. PIRG-backed TransAtlantic Consumer Dialogue, which itself  followed up on the report and EU actions with a letter to the U.S. Federal Trade Commission. Meanwhile, as the Senate prepared for an afternoon FTC oversight hearing today where Facebook may be a focus, we joined leading groups in a separate letter to complain to the FTC about its biased staff report that adopts unsubstantiated industry claims in defense of an FTC call to the administration for weak baseline privacy choices. 

> Keep Reading
Blog Post | Financial Reform

2019 Fight Over Data Privacy Rights Heating Up Already | Ed Mierzwinski

Next year, a highly-anticipated privacy and data rights battle will occur in Congress. Powerful special interests from Google to Facebook are responding to the new European General Data Privacy Regulation (GDPR) by seeking to quash any similar effort to protect U.S. consumers while simultaneously seeking to preempt a new California privacy law before it takes effect in 2020. Will we continue as data collector products, not their customers, or will we gain control over our own financial DNA? The state PIRGs are in this one; guess which side we're on. Today we joined 34 leading groups in issuing shared Privacy Principles.

> Keep Reading
Blog Post | Financial Reform

The Facebook Data Breach: What You Need to Know and What You Should Do | Ed Mierzwinski

This guest post from Nathan Acks of the State PIRG Internet Security team offers background on the latest Facebook breach and what you can do.

> Keep Reading
Blog Post | Financial Reform

Ten Years After Lehman, Lessons of Financial Collapse Ignored, Not Forgotten | Ed Mierzwinski

Ten years ago this weekend the collapse of investment bank Lehman Brothers marked the massive financial collapse of 2008. Millions of Americans lost homes, jobs and trillions of dollars in retirement savings. Today, the financial collapse hasn't been forgotten, it's being ignored by Congress and Wall Street.

> Keep Reading

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News Release | U.S. PIRG | Financial Reform

Joint Statement: Transfer of CFPB Consumer Response Unit Offers No Clear Benefit

This week, OMB Director Mick Mulvaney, now also acting director of the Consumer Financial Protection Bureau, made several concerning "administrative changes," including to move the Consumer Response Office, responsible for handling consumer complaints and managing the Bureau's public consumer complaint database, which U.S. PIRG has relied on for 11 (so far) analytic studies of the consumer financial marketplace. We issued the following joint statement, along with Americans for Financial Reform and Consumer Action.

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

Statement on Equifax’s Lock & Alert Product Announcement

Our statement on the today's launch by Equifax of Lock & Alert, a service that will let consumers lock and unlock their Equifax credit reports indefinitely for free to stop new account identity theft. This service, similar to state mandated credit freezes, only blocks access to Equifax credit reports, not credit reports at the other two bureaus, Experian and TransUnion. U.S. PIRG's advice: Blocking access to your credit reports at all three national credit bureaus remains the best action consumers can take after the Equifax breach, whether they were affected by it or not. 

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

Statement of U.S. PIRG On Court Ruling Upholding Constitutionality of CFPB Leadership Structure

Here is our statement on today's decision by the full D.C. Circuit, U.S. Court of Appeals, upholding the constitutionality of the Consumer Bureau's single-director structure. We had filed an amicus (friend-of-the-court) brief in support of that position. The decision is a big victory for consumers.

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

Statement by Mike Litt, Consumer Campaign Director at U.S. PIRG on Extended Deadline for Free Equifax Credit Freeze

Equifax has changed the date for its offers after its outrageous data breach-- they lost information for 145 million consumers.Read more. We have not changed our own advice.

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

U.S. PIRG Urges Consumers to Get Free Credit Freeze by January 31st Deadline

Ahead of three changes to what Equifax is offering consumers following its breach of 145 million consumer records, U.S. PIRG is urging consumers to get free credit freezes with Equifax by January 31st if they haven’t already.

> Keep Reading

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Blog Post | Financial Reform

2019 Fight Over Data Privacy Rights Heating Up Already | Ed Mierzwinski

Next year, a highly-anticipated privacy and data rights battle will occur in Congress. Powerful special interests from Google to Facebook are responding to the new European General Data Privacy Regulation (GDPR) by seeking to quash any similar effort to protect U.S. consumers while simultaneously seeking to preempt a new California privacy law before it takes effect in 2020. Will we continue as data collector products, not their customers, or will we gain control over our own financial DNA? The state PIRGs are in this one; guess which side we're on. Today we joined 34 leading groups in issuing shared Privacy Principles.

> Keep Reading
Blog Post | Financial Reform

The Facebook Data Breach: What You Need to Know and What You Should Do | Ed Mierzwinski

This guest post from Nathan Acks of the State PIRG Internet Security team offers background on the latest Facebook breach and what you can do.

> Keep Reading
Blog Post | Financial Reform

Ten Years After Lehman, Lessons of Financial Collapse Ignored, Not Forgotten | Ed Mierzwinski

Ten years ago this weekend the collapse of investment bank Lehman Brothers marked the massive financial collapse of 2008. Millions of Americans lost homes, jobs and trillions of dollars in retirement savings. Today, the financial collapse hasn't been forgotten, it's being ignored by Congress and Wall Street.

> Keep Reading
Blog Post | Financial Reform

Latest Trojan Horse Data Breach Bill (HR6743-Luetkemeyer) Could Be Called "Equifax Protection Act" | Ed Mierzwinski

On Thursday, 13 September, the House Financial Services Committee is to consider the latest in a long series of data security and data breach bills that Congress takes up at the request of the banks. These Trojan Horse bills come riding in with few, if any, protections riding in the saddle, but massive elimination of stronger state laws hidden in the belly of the beasts. The proposal, HR6743, the Consumer Information Notification Requirement Act (Luetkemeyer (MO)), might also be called the “Equifax Protection Act.”

> Keep Reading
Blog Post | Financial Reform

We Join Leading Groups Urging SEC To Strengthen Weak Investor Best Interest Proposal | Ed Mierzwinski

We've joined leading consumer, civil rights, labor and older American organizations in a comment letter urging the Securities and Exchange Commission (SEC) to strengthen its proposed "Regulation Best Interest" intended to ensure that all broker-dealers and other individuals and firms offering investment advice act do so in a fiduciary capacity, or in the best interest of their investor-clients. (Right now, it doesn't).

> Keep Reading

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Blog Post

Last week, Sens. Jack Reed (RI) and Chris Van Hollen (MD) introduced legislation to finally give consumers real control over our own credit reports. The Consumer Credit Control Act would change what Sen. Reed appropriately calls our “backwards” credit reporting system by helping to solve two problems. The Consumer Credit Control Act is a win-win for consumers. It improves their privacy and saves them money.

Blog Post

CFPB Director Kathy Kraninger will deliver the statutory “Semi-Annual Report of the CFPB” to the House Financial Services (10/16) and Senate Banking (10/17) Committees next week. Here are some helpful questions for committee members to ask.

Blog Post

Recently, the CEOs who make up the Business Roundtable renewed their demand that Congress pass a federal privacy “standard” that preempts stronger state laws. That's the wrong way to go because Congress only does a good job protecting consumers either after a disaster (e.g., Wall Street's collapse of the economy) or after states lead the way. We shouldn't have to wait for a disaster. Learn more.

News Release | U.S. PIRG Education Fund

Our response to Equifax paying a $650 million penalty for exposing the social security numbers of 148 million Americans to identity theft.

Blog Post

In committee votes this week and last week, the House Financial Services Committee sent a package of credit reporting reforms on to the House floor. It's the first major Congressional action to rein in the so-called Big 3 credit bureaus - Equifax, Experian and Trans Union - and other smaller, specialized bureaus and credit scoring companies, since 2003. The Big 3 national credit bureaus have been the most complained about financial firms to the CFPB for four years running, predating the massive Equifax data breach.

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Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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