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 | 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
Report | WISPIRG Foundation | Financial Reform

Credit Cards, Consumer Complaints

Wisconsin consumers file more complaints about Capital One than any other credit card company, according to a report released by the WISPIRG Foundation.

> 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
Report | WISPIRG Foundation | Financial Reform

Private Loans, Public Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them.  This report is the second of several that will review complaints to the CFPB nationally and on a state-by-state level.

> Keep Reading

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DEFEND THE CFPB

Tell your representative 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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