Defend the Consumer Bureau

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 manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future. 

That’s why we need strong consumer protections on Wall Street. 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. It made it clear: Americans need a watchdog agency on Wall Street, devoted to creating and enforcing fair, clear and transparent rules to protect consumers. 

So in 2010, we helped create the Consumer Financial Protection Bureau (CFPB) to be our consumer cop on the financial beat.

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, they’ve been hugely successful at working for consumers, returning nearly $12 billion to more than 29 million people who were ripped off by companies that broke the law … in just six 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 to protect consumers:


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 and TransUnion — 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.

In addition, the Consumer Bureau has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.

The Consumer Bureau's success should be earning it applause in Washington. Yet instead of cheering on the Consumer Bureau, the Trump administration and some members of Congress are pushing to weaken or even get rid of it. 

Tell Your Senators: Stand Up For Consumers

We can keep our consumer cop on the financial beat — but only if we can convince enough senators to stand up and be counted as Consumer Champions, and stop any bad bills that try to roll back or eliminate consumer protections.

Even with the Consumer Bureau on the job, many Americans are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the CFPB to exist: We need to make it even better, by strengthening commonsense consumer protections. 

In the wake of the Great Recession, we helped spearhead the creation of the Consumer Bureau. Now, we need your help to stand up for consumer protection once again, and defend the CFPB from those who would weaken or eliminate it.

Issue updates

News Release | U.S. PIRG | Financial Reform

Statement on House Financial Services Committee Passage of HR 10, the Wrong Choice Act

Today, the House Financial Services Committee approved HR 10, the so-called Financial Choice Act, on a straight party-line vote. We call it the Wrong Choice Act. The bill eviscerates the successful CFPB, which has returned $11.8 Billion to over 29 million consumers in less than six years. The bill repeals much of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act enacted to protect us after the 2008 financial collapse. Our statement is below.

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News Post | Consumer Protection, Financial Reform

How Has the CFPB Helped Consumers Dealing with Debt Collectors?

The Consumer Financial Protection Bureau receives more complaints about  than about any other topic. The complaints are submitted by consumers who reach out to the CFPB for help resolving problems with debt collectors and other problems in the financial marketplace.

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News Post | Consumer Protection, Financial Reform

Do Consumers Need the CFPB?

The Consumer Financial Protection Bureau helps protect consumers in the financial marketplace, which includes banks, debt collectors, mortgage and vehicle lenders, credit card companies, credit bureaus, payday lenders, student loan servicers, and other financial actors. The CFPB protects all consumers by implementing fair, clear and transparent rules to protect consumers in the financial marketplace.

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News Post | Consumer Protection, Financial Reform

How Has the CFPB Helped Consumers?

The Consumer Financial Protection Bureau has helped consumers reclaim billions of dollars lost through unfair financial practices. As of the end of 2016, the CFPB had returned more than .

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News Post | Financial Reform

Banks Cook Books To Promote Wrong Choice Act, Attack CFPB | Ed Mierzwinski

Today the House Financial Services Committee takes up the so-called Financial Choice Act, which we call the Wrong Choice Act, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and leave the CFPB an unrecognizable husk incapable of protecting consumers. Some 52 state bank associations urged support of the bill, based on a "cook-the-history-books" analysis of bank consolidation, which has not increased since 2010, even though they make the claim based on preposterous math.

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News Release | U.S. PIRG Education Fund | Financial Reform

New Report Highlights Reasons for New Consumer Protections

The report outlines predatory financial practices that hurt consumers and led to the collapse the economy, costing us eight million jobs, millions of foreclosed homes and trillions of dollars in lost home and retirement values.

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Disappointed Senate Blocks Confirmation of Rich Cordray To Head CFPB, Says “Constituents can ask opponents why.”

Today, despite strong support from diverse organizations and leaders seeking to protect consumers, veterans, students and older Americans from financial tricks and traps, the Senate failed to confirm the well-qualified nominee, Rich Cordray, to head the new Consumer Financial Protection Bureau.

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Ratchets Up Support for Confirmation of Rich Cordray to Head CFPB

With a Senate vote on confirmation of former Ohio Attorney General Rich Cordray to head the new Consumer Financial Protection Bureau expected tomorrow, U.S. PIRG ratcheted up its efforts to urge Senators to support confirmation. The group announced that it is urging its members in every state to contact Senators and running radio ads in several states.

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News Release | U.S. PIRG | Financial Reform

Changes Gut Consumer Protections, Protect Wall Street

The House Financial Services Committee simultaneously approved an industry-friendly rollback of consumer financial and product safety protections. The approved bill eliminates the independence of the new Consumer Financial Protection Bureau (CFPB) while also preventing the Consumer Product Safety Commission's (CPSC) new public information database from informing the public about product hazards.

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News Release | U.S. PIRG Education Fund | Financial Reform

OCC Again Chooses Interests of Banks Over Consumers and States

A broad coalition of more than 250 consumer advocacy and civil rights groups are protesting yesterday’s announcement by the Office of the Comptroller of the Currency (OCC) that it will largely ignore a key mandate of the Dodd-Frank Wall Street Reform Act passed by Congress last year in response to the financial scandals that brought on the nation’s worst economic downturn since the Great Depression. Instead, the OCC will continue to give national banks a blank check to violate state rules against unfair and predatory practices.

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News Post | Financial Reform

Do better Facebook friends mean a better credit score? | Ed Mierzwinski

"Big Data" has created a new front in the war on privacy. Should a prospective employer be able to "friend" you or use your Facebook password to vet you?  When, if ever, should colleges, employers and lenders be able to look at your Facebook or other social network pages to see if your friends make you a better bet to enroll, hire or grant a loan to than someone with loser friends?

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News Post | Financial Reform

Free Cookies-Strings Attached | Ed Mierzwinski

The price consumers pay to access most online content is the tracking of their every click on the World Wide Web by data miners and ad networks. Consumer and privacy advocates are seeking to address such online tracking through Do-Not-Track regulation, which could be considered in the U.S. Senate Commerce Committee soon.

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News Post | Financial Reform

Court rejects First Amendment attack on credit bureau regulation and other financial follies | Ed Mierzwinski

In an important case joined by the government, a U.S. district judge has rejected the latest misguided industry attack on the constitutionality of regulation of credit bureaus. Meanwhile, the CFPB has released its first annual report on credit card deals with colleges. Here's a weekly summary of the latest financial follies.

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News Post | Financial Reform

Supreme Court hears case on textbook prices with implications for all secondary markets (Amazon, eBay) | Ed Mierzwinski

Yesterday the Supreme Court heard an important case concerning whether publishers can restrict owners of books from reselling their used copies, raising massive implications not only for the prices of textbooks but also for the very existence of important secondary markets like Amazon and eBay.  U.S. PIRG joined others in urging the Supreme Court to reverse a lower court's view that consumers lose longstanding rights to resell copies of copyrighted books, if the books were made outside the US.

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News Post | Financial Reform

Tips for fixing credit report errors yourself (don't ever use a credit repair doctor) | Ed Mierzwinski

Fox Business reporter Kelly Dilworth has a detailed "how-to" called "10 surefire steps to get errors off your credit reports." Don't go to a credit repair doctor, don't read a bunch of wacky advice on self-help websites, don't do any of that, Do what she says.

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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.

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