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

Financial Choice Act: A Cruel Choice for the CFPB & Consumers | Ed Mierzwinski

UPDATED 4/25 with link to our letter to Congress. This week, on Wednesday 4/26, the House FInancial Services Committee holds a hearing on Chairman Jeb Hensarling's Financial Choice Act 2.0. It's a brutal un-do of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that forgets, or ignores, the historical fact that reckless bank practices abetted by loose regulators wrecked our economy in 2008. A key goal of the proposal is to weaken the successful CFPB into an unrecognizable husk incapable of protecting consumers.

> Keep Reading
Report | WISPIRG Foundation | Consumer Protection, 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 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
Blog Post | Financial Reform

If the CFPB Is Weakened, Won’t the Credit Bureaus Run Amok (Again?) | Ed Mierzwinski

The CFPB is doing incredible work defending consumers. You may not know how much of that work involves cleaning up the sloppy credit bureaus. Congressional and special interest attacks on the CFPB will slow all or stop all CFPB work. It will let the bureaus run amok, again, placing your credit score and financial opportunity and job prospects at risk.

> 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
News Release | WISPIRG | Consumer Protection, Financial Reform

Executive Orders and New Bills Threaten Crucial Wall Street Reforms, Consumer Agency

The President signed executive orders on Friday designed to re-rig the financial system by dismantling critical Wall Street reforms, including the Consumer Financial Protection Bureau. The CFPB, a key Wall Street watchdog, is also under attack from Congress, where Wisconsin Senator Ron Johnson is spearheading efforts that would significantly limit the Bureau’s ability to protect seniors, veterans, students, middle class and low-income consumers from unfair and predatory financial practices.

WISPIRG Director Peter Skopec issued the following statement in response.

> Keep Reading

Pages

News Release | WISPIRG Foundation | Financial Reform, Tax

Wisconsin Small Businesses Foot $3,595 Bill from Offshore Tax Dodging

As Tax Day approaches, it’s important to remember that small businesses end up picking up the tab for offshore tax loopholes used by many large multinational corporations. WISPIRG, the Wisconsin Public Interest Research Group, today released a new study revealing that the average Wisconsin small business owner would have to pay an extra $3,595 in taxes to make up for the money lost in 2014 due to offshore tax haven abuse by large multinational corporations.

> Keep Reading
News Release | WISPIRG Foundation | Financial Reform

Report: Mistaken Identity Tops Debt Collection Complaints

Debt collectors trying to collect debt from the wrong person were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released by the WISPIRG Foundation. The report also found that Wisconsin consumers are 40th most likely to file complaints to the CFPB about debt collection, and that debt collection is a top source of complaints.  The report is the final in a series of reports by the WISPIRG Foundation that analyze the complaints in the CFPB’s public Consumer Complaints Database. The CFPB began accepting complaints in July 2011 and now accepts complaints about most financial products and services. Although the CFPB only opened its doors to complaints about debt collection last July, complaints about debt collection have already outpaced those for common products such as credit cards and bank accounts, accounting for the second largest portion of complaints after mortgages between July and January.

> Keep Reading
News Release | WISPIRG Foundation | Financial Reform

Report: Capital One Most-Complained-About Credit Card Company in Wisconsin

Wisconsin consumers file more complaints about Capital One than any other credit card company, according to a report released by the WISPIRG Foundation. The report, which looked at data from the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database, also found that Wisconsin consumers are 26th most likely to file credit card complaints.  "Credit Cards, Consumer Complaints: The CFPB's Consumer Complaint Database Gets Real Results for Credit Card Holders,” is the fourth in a series of reports by the WISPIRG Foundation that analyze the complaints in the CFPB’s consumer complaints database. Previous reports in the series have analyzed complaints about bank accounts, private student loans, and credit reporting.

> Keep Reading
News Release | WISPIRG Foundation | Financial Reform

New CFPB Rules Will Protect Homebuyers and Homeowners

On Friday, January 10, new Consumer Financial Protection Bureau (CFPB) rules go into effect that will help protect homeowners and homebuyers from the mortgage abuses that led to the housing crisis. In particular, consumers will get protections from lenders that make risky loans without checking a borrower’s income, assets, or ability to repay a loan. 

> Keep Reading
News Release | WISPIRG Foundation | Financial Reform

New Report Identifies Most Troublesome Private Lenders to Students

Thousands of American students are using the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database to settle disputes about private student loans, according to a new report from the WISPIRG Foundation. Sallie Mae, the student lending giant, generated the most private student loan complaints in Wisconsin, and ranked first in every other state. Student loan borrowers in Wisconsin carry $22,400 on average in total student loan debt.

> Keep Reading

Pages

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. 

> Keep Reading
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.

> Keep Reading
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.

> Keep Reading
Blog Post | Financial Reform

House Committee Launches Trojan Horse Assault On State Privacy Laws | Ed Mierzwinski

This afternoon (Tuesday, 8 December), the U.S. House Financial Services Committee launches a massive attack on state privacy laws. Hidden inside a seemingly modest proposal to establish federal data breach notice requirements is a Trojan Horse provision designed to to take state consumer cops off the privacy beat, completely and forever. That's wrong, because the states have always been key first responders and leaders on privacy threats that Congress has ignored, from credit report accuracy and identity theft to data breaches and do-not-call lists.

> Keep Reading
Blog Post | Financial Reform

Privacy, We've Got Tips and Ideas For You, Congress and Regulators, Too | Ed Mierzwinski

Problems with privacy and data security are all over the news these days. We've got you covered, from releasing a new report and consumer tips on the security freeze today to testifying to Congress (last week) on payment card security and speaking on a panel at the FTC tomorrow on Internet lead generation (what's that?). Oh, and we're waiting for answers to our questions to the CFPB about the credit bureau Experian joining the ranks of the breached. We've been busy as we explain in this "roundup" blog entry.

> Keep Reading

Pages

View AllRSS Feed

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.

Support Us

Your donation supports WISPIRG's work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code