Financial Reform

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. In this report we explore consumer complaints in the private student loan sector with the aim of uncovering patterns in the problems consumers are experiencing with their student loans.

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.

CFPB Gets Results for Consumers, Slams Chase for Deceptive Card Add-ons

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

 On September 19, 2013, the CFPB announced it had imposed a $20 million civil penalty on JP Morgan Chase and ordered it to refund $309 million to over 2 million consumers for deceptively marketing junky credit card add-on products, some of which consumers didn't even receive. (The Office of the Comptroller of the Currency (OCC), Chase's previous consumer regulator, also added a $60 million penalty.)

Report | WISPIRG Foundation | Financial Reform

Big Banks, Big Complaints

The Consumer Financial Protection Bureau (CFPB) has created and made available to the public the Consumer Complaint Database. The database tracks complaints made by consumers to the CFPB and the responses of financial institutions to those complaints. The Consumer Complaint Database enables the CFPB to identify financial practices that threaten to harm consumers and enables the public to evaluate both the performance of the financial industry and of the CFPB.

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
Senior Director, Federal Consumer Program

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.

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