Financial Reform

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.

Victory: CFPB Director Confirmed

On July 16, 2013, the U.S. Senate confirmed Richard Cordray as the director of the Consumer Financial Protection Bureau, giving the bureau its full authority to protect consumers in the financial marketplace and to oversee payday lenders, mortgage companies, private student lenders and credit bureaus. 

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.
 

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.
 

A New Direction In Driving Trends

After a 60 year boom, driving is on the decline in the U.S. and no likely scenario shows it returning to previous levels of growth. 

It happened 4 years ago this weekend, and Congress has already forgotten

By | Ed Mierzwinski
Consumer Program Director

Four years ago, on September 14-15, 2008, the Lehman Brothers investment bank declared bankruptcy while Bank of America acquired another foundering investment bank, Merrill Lynch -- major events that froze the financial markets and led in a few days to a $700 billion bailout of the financial system. Just four years later, some in the Congress have forgotten that real people and the economy are still suffering from the financial collapse, as it steps up Wall Street-backed efforts to prevent regulators from protecting the public.

One Year Anniversary of CFPB

 

 

 

For the first time, a federal financial agency has placed consumers at the center of its work. That agency, the Consumer Financial Protection Bureau (CFPB), turns one year old on July 21, 2012. The CFPB, established as a centerpiece of the Wall Street Reform and Consumer Protection Act of 2010, is the first federal financial agency with only one job: protecting consumers. It has special responsibilities to protect seniors, military servicemembers and students. The CFPB is also tasked with ensuring fair lending and promoting financial education and literacy. The CFPB protects you no matter where you buy financial products—at a bank, at a credit union, at a mortgage company or a payday lender.

 

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.

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.

Media Hit | Financial Reform

Property Trax: 10 reasons advocates say Wisconsin residents need new Consumer Financial Protection Bureau

Even as Congress and the Obama Administration continue to argue over its powers and leadership, the Consumer Financial Protection Bureau began its work as top cop for all consumer finance matters, including mortgages, on July 21.

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