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

News Release | U.S. PIRG | Consumer Protection, Financial Reform

More Than 100 Groups Insist on No Riders in Spending Legislation

The day before the White House is expected to release its fiscal year 2017 budget proposal, a coalition of more than 100 groups, including U.S. PIRG, sent a letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders.

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Blog Post | Consumer Protection, Financial Reform

100+ Groups Oppose Provisions That Threaten Public Protections | Mike Litt

The White House is expected to release its fiscal year 2017 budget proposal tomorrow. U.S. PIRG and various state PIRGs joined a coalition of more than 100 groups that sent the following letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders. 

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Blog Post | Financial Reform

CFPB Criticizes Banks Re Account Opening and Overdrafts, Offers Consumer Tips | Ed Mierzwinski

Today, the CFPB is holding a field hearing in Louisville on problems consumers face when opening bank accounts. It finds that big banks frequently offer consumers expensive accounts where they risk overdraft fees instead of affordable accounts. Further, the CFPB finds that the practices of specialty "bad check" credit bureaus make it harder to open accounts. The CFPB issued warnings to both the banks and credit bureaus while providing consumers with new tips and advice.

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Blog Post | Financial Reform

Debating trade and consumer protection in Brussels today | Ed Mierzwinski

I am in Brussels today debating consumer protection and the proposed US-European trade treaty known as the TransAtlantic Trade and Investment Partnership or TTIP. Today's public event, and a second public meeting tomorrow (Wednesday with live webstream 9am-noon DC time) comparing the CFPB to its European counterparts, are sponsored by the PIRG-backed TransAtlantic Consumer Dialogue.

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News Release | WISPIRG | Financial Reform

Bills Would Encourage Predatory Lawsuits Against WI Consumers

A pair of bills currently making its way through the state legislature would drastically reduce the proof requirements for debt collection lawsuits against Wisconsin consumers and open the door for out-of-state debt buyer companies to clog the state’s courts with unsubstantiated, frivolous lawsuits. Senate Bill 92 is to be heard in committee on Tuesday, 12/15. Its Assembly companion, AB 117, was passed in November. Governor Walker’s Department of Financial Institutions voiced serious concerns about a similar bill in 2014.

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News Release | WISPIRG Foundation | Financial Reform

New Report Identifies Banks Consumers Complain About Most

Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the WISPIRG Foundation. The report highlights banks that generated the most complaints through their various banking services in each state.

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News Release | WISPIRG | Financial Reform

SENATE CONFIRMS CFPB DIRECTOR CORDRAY, “GOOD NEWS FOR CONSUMERS AND FIRMS THAT WANT TO PLAY FAIR”

The July 16, 2013 confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace. The CFPB was created to rein in the reckless Wall Street practices that blew up our economy almost five years ago. Big banks that rely on consumer tricks and schemes to make money have wanted to kill the CFPB ever since, and for good reason: The CFPB has been enforcing critical consumer protection laws, and already forced Capital One to return $140 million in unfair credit card fees to consumers.
 

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News Release | WISPIRG | Financial Reform

WISCONSINITES TELL SENATOR JOHNSON TO STOP CODDLING PREDATORY LENDERS AND BLOCKING CONSUMER FINANCIAL PROTECTION

The Wisconsin Public Interest Research Group (WISPIRG) and Americans for Financial Reform (AFR) delivered to the office of Sen. Ron Johnson the signatures of 5,180 citizens of Wisconsin, who call on the Senate to confirm Richard Cordray to a full term as director of the Consumer Financial Protection Bureau. Under current Senate rules, 60 votes would be required to confirm the nomination but that favorable outcome for consumers is blocked by Senator Johnson and 42 other Senators who have pledged to oppose Cordray unless the CFPB is first weakened.
 

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Media Hit | Financial Reform

Capital Times: Obama Takes Bold Action to Protect Consumers

President Obama announced a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

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Media Hit | Financial Reform

Milwaukee Journal Sentinel: Senate Can Stand up for Consumers

Deceptive and abusive mortgage lending was a fundamental cause of the financial crisis and of the worst recession since the Great Depression. Year in and year out, tricks and traps on credit cards, student loans, overdraft fees and more cost working families tens of billions of dollars.

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