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

Broadband is the "new electricity" | Ed Mierzwinski

The House should pass the bipartisan infrastructure bill on the House floor this week. Among other provisions, it allocates $65 billion to make fast broadband more available -- especially in rural and tribal areas -- and more affordable. That total includes about $14 billion to subsidize access and about $42 billion to deploy broadband. Also, broadband providers would be required to use a new pricing label based on the easy-to-read FDA nutrition labels.

Photo of "Rural Broadband Buildout Project" by Maryland GovPics, via Flickr, some rights reserved.

> Keep Reading
Blog Post | Financial Reform

Virtual wallet, payment app complaints skyrocket | Ed Mierzwinski

Consumers increasingly are using digital peer-to-peer payment (P2P) apps for convenience. However, that convenience can quickly turn to inconvenience as the result of these apps’ often-confusing design, poor customer service and propensity for being used for scams and fraud. The number of written complaints to the Consumer Financial Protection Bureau (CFPB) about these apps and other financial tools in the “mobile or digital wallet” category has skyrocketed in recent years, reaching new heights in 2021.

Cover photo by grinvalds via IStock 

> Keep Reading
Blog Post | Financial Reform

Bipartisanship Works in State Attorneys General Lawsuits Against Big Tech’s Google and Facebook | Ed Mierzwinski

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

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

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

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

Federal regulators, states file antitrust lawsuits against Facebook

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

> Keep Reading

Pages

News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

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

Federal regulators, states file antitrust lawsuits against Facebook

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

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

Americans need stronger consumer protections during COVID-19 crisis

U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.

> Keep Reading

Marriott discloses second security breach in 16 months

Marriott, the world’s largest hotel chain in terms of guest rooms, disclosed Tuesday that up to 5.2 million customers were impacted by a security breach related to the company’s loyalty app.

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

Equifax penalty is a “sweetheart deal” that leaves consumers at risk

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

> 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 | 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
Report | Arizona PIRG Education Fund | Financial Reform

Ten Reasons We Need The CFPB Now

As the Consumer Financial Protection Bureau (CFPB) officially opened its door today, the Arizona PIRG Education Fund and consumer groups across the nation announced the results of a poll showing that an overwhelming majority of likely voters both support a new consumer agency (74%) and want Wall Street held “accountable” (77%).  In addition, the groups issued a report documenting “10 reasons” consumers need the new CFPB.

> Keep Reading

Pages

Blog Post | Financial Reform

Broadband is the "new electricity" | Ed Mierzwinski

The House should pass the bipartisan infrastructure bill on the House floor this week. Among other provisions, it allocates $65 billion to make fast broadband more available -- especially in rural and tribal areas -- and more affordable. That total includes about $14 billion to subsidize access and about $42 billion to deploy broadband. Also, broadband providers would be required to use a new pricing label based on the easy-to-read FDA nutrition labels.

Photo of "Rural Broadband Buildout Project" by Maryland GovPics, via Flickr, some rights reserved.

> Keep Reading
Blog Post | Financial Reform

Virtual wallet, payment app complaints skyrocket | Ed Mierzwinski

Consumers increasingly are using digital peer-to-peer payment (P2P) apps for convenience. However, that convenience can quickly turn to inconvenience as the result of these apps’ often-confusing design, poor customer service and propensity for being used for scams and fraud. The number of written complaints to the Consumer Financial Protection Bureau (CFPB) about these apps and other financial tools in the “mobile or digital wallet” category has skyrocketed in recent years, reaching new heights in 2021.

Cover photo by grinvalds via IStock 

> Keep Reading
Blog Post | Financial Reform

Bipartisanship Works in State Attorneys General Lawsuits Against Big Tech’s Google and Facebook | Ed Mierzwinski

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

> Keep Reading
Blog Post | Financial Reform

Voters support strong CFPB, strong protections against Wall Street, payday lenders | Ed Mierzwinski

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

> Keep Reading
Blog Post | Financial Reform

Consumer Groups & Bank Associations Urge Congress To Protect COVID19 Checks From Garnishment | Ed Mierzwinski

Yesterday, U.S. PIRG joined leading consumer groups and bank trade associations in a joint letter urging Congress at the soonest possible opportunity to clarify that economic impact payments responding to this public health emergency are exempt from otherwise legally binding garnishment orders.

> Keep Reading

Pages

Blog Post

The House should pass the bipartisan infrastructure bill on the House floor this week. Among other provisions, it allocates $65 billion to make fast broadband more available -- especially in rural and tribal areas -- and more affordable. That total includes about $14 billion to subsidize access and about $42 billion to deploy broadband. Also, broadband providers would be required to use a new pricing label based on the easy-to-read FDA nutrition labels.

Photo of "Rural Broadband Buildout Project" by Maryland GovPics, via Flickr, some rights reserved.

Blog Post

Consumers increasingly are using digital peer-to-peer payment (P2P) apps for convenience. However, that convenience can quickly turn to inconvenience as the result of these apps’ often-confusing design, poor customer service and propensity for being used for scams and fraud. The number of written complaints to the Consumer Financial Protection Bureau (CFPB) about these apps and other financial tools in the “mobile or digital wallet” category has skyrocketed in recent years, reaching new heights in 2021.

Cover photo by grinvalds via IStock 

Blog Post

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

News Release | U.S. PIRG

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

News Release | U.S. PIRG

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

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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