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 Post | Financial Reform

Why The Legal Dispute Over the Leadership of the CFPB Matters | Michael Landis

There’s an important legal fight happening right now over the temporary leadership of the Consumer Financial Protection Bureau. And U.S. PIRG Education Fund, along with nine other consumer advocacy groups, just weighed in with a friend-of-the-court brief against the President and his pick. Find out why the Consumer Bureau needs to be independent in this blog entry about why the legal dispute over the CFPB matters.

> Keep Reading
News Release | U.S. PIRG Education Fund | Financial Reform

Consumer Advocates Explain Crucial Public Interest in a Strong CFPB

The U.S. Consumer Financial Protection Bureau’s (CFPB) independence from external political influence is crucial to the agency’s mission of protecting consumers, 10 groups, including U.S. PIRG Education Fund, told a U.S. appellate court today in an amicus brief filed in the U.S. Court of Appeals for the District of Columbia Circuit. The groups are supporting the appeal of CFPB Deputy Director Leandra English in her lawsuit against the President and OMB Director Mick Mulvaney over the proper leadership of the Bureau in the absence of a Senate-confirmed director.

> Keep Reading
News Release | Financial Reform

Reports that CFPB Dropping Equifax Investigation Raise Major Questions

Widespread media reports that the CFPB acting director, Mick Mulvaney of OMB, is dropping its investigation into the Equifax breach leave its 145 million consumer-victims with nowhere to go. 

> Keep Reading
News Post | Financial Reform

Senator: Consumers Should Have More Control Over Credit Reports. We Agree. | Ed Mierzwinski

Throughout the anger and frustration over the Equifax breach debacle, consumers, reporters and legislators have repeatedly asked me: "Ed, why don't consumers, not credit bureaus, control when their credit reports can be shared or sold?" Now comes U.S. Senator Jack Reed (RI) with a PIRG-backed bill to do just that! 

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Joint Statement: Transfer of CFPB Consumer Response Unit Offers No Clear Benefit

This week, OMB Director Mick Mulvaney, now also acting director of the Consumer Financial Protection Bureau, made several concerning "administrative changes," including to move the Consumer Response Office, responsible for handling consumer complaints and managing the Bureau's public consumer complaint database, which U.S. PIRG has relied on for 11 (so far) analytic studies of the consumer financial marketplace. We issued the following joint statement, along with Americans for Financial Reform and Consumer Action.

> Keep Reading

Pages

News Release | U.S. PIRG | Financial Reform

Best Interest Retirement Rule Takes Effect Today

Today, the Labor Department’s rule requiring retirement advisers to make 401-k and IRA investment recommendations to you based on a fiduciary standard, or in your “best-interest,” not theirs, goes into effect after a 2-month delay imposed by the Trump administration. Read our statement.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

What Could Possibly Go Wrong?

Our statement on House passage of the Wrong Choice Act. The bill dismantles the successful CFPB and repeals most Dodd-Frank Act protections against another financial collapse. What could possibly go wrong if Wall Street banks and predatory payday lenders are allowed to run amok again?

> Keep Reading
News Release | U.S. PIRG | Financial Reform

U.S. PIRG Supports the Constitutionality of the CFPB

U.S. PIRG news release previewing oral argument tomorrow, Wednesday, 24 May, in the lawsuit challenging the CFPB's constitutionality. We've filed a "friend of the court" brief in support of and on behalf of the CFPB. The hearing is before the full U.S. Court of Appeals for the D.C. Circuit,  

> Keep Reading
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.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Financial “CHOICE” Act is “Cruel Choice” for CFPB & Consumers & Students

U.S. PIRG release opposing new Financial Choice Act 2.0 to be considered soon in House. Our release points out that just today, the CFPB proved yet again that it is needed to protect consumers, in this case, student consumers, since student loan complaints are spiking.

> Keep Reading

Pages

News Post | Financial Reform

Well, Well, Wells Fargo! Poster Child for Defending CFPB, Dodd-Frank. | Ed Mierzwinski

As the big Wall Street banks, payday lenders and other opponents of consumer protection intensify pressure on Congress to weaken financial reform and gut the CFPB like a fish, numerous reports of further Wells Fargo malfeasance serve as a warning that the Consumer Financial Protection Bureau and the rest of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act are needed more than ever.

> Keep Reading
News Post | Financial Reform

CFPB Finds So-Called Overdraft Protection Costs Some $450/Year | Ed Mierzwinski

This week, the Consumer Financial Protection Bureau (CFPB) rolled out draft "Know Before You Owe" disclosures for banks marketing so-called "Standard Overdraft Protection," a controversial product that requires consumers to "opt-in" for the "privilege" of overdrafting debit and ATM transactions for a so-called convenience fee averaging $34. It also  released a study that finds that at-risk consumers who opt-in pay $450/year more in fees than other at-risk consumers.

> Keep Reading
News Post | Financial Reform

It Makes No Sense to Eliminate Successful CFPB, Weaken Wall Street Reforms | Ed Mierzwinski

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

> Keep Reading
News Post | Financial Reform

Telco, Cable Guys Assault State Broadband Privacy Efforts, Sacramento Key Battleground | Ed Mierzwinski

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

> Keep Reading
News Post | Consumer Protection, Financial Reform

U.S. PIRG Education Fund Files Amicus Brief in the U.S. Supreme Court Supporting States in Antitrust Litigation Against American Express | Michael Landis

On July 6, 2017, U.S. PIRG Education Fund filed with the U.S. Supreme Court an amicus brief supporting several states who are asking the Court to review a Second Circuit judgment that allows American Express to prohibit merchants from encouraging customers to use lower-priced payment options.

> 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 U.S. PIRG’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
https://renesans-centr.kiev.ua

обращайтесь www.renault.niko.ua

узнать больше