Financial Reform

Credit Bureaus Let Wrongdoers Run Amok, Disrupt Mortgage-Seekers

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In the run-up to the 2006-2007 mortgage bubble that led to the total collapse of our financial system in 2008, the Big 3 credit bureaus sold products known as "trigger lists" that aided sketchy mortgage companies in disrupting consumer transactions. The lists were "credited" with making a bad situation worse. Guess what? Longtime syndicated housing columnist Ken Harney warns: "they're back."

We've been working hard to oppose a bill to weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act. You remember, that's the law passed in the wake of the second-biggest financial collapse in our history, caused by Wall Street recklessness. The bill has massive support from both Wall Street and community banks. S2155 is on the Senate floor this week. It has enough Democratic votes to pass, but consumer champions are fighting back. Read our opposition letter.

News Release | U.S. PIRG | Financial Reform

After New Reports of Stolen Data, U.S. PIRG To Congress: Stop Letting Equifax off the Hook

Today Equifax admitted to losing information for over 2 million more Americans. Here's our release explaining why it's time for Congress to follow the lead of several states and hold Equifax accountable, insead of letting it off the hook.

News Release | U.S. PIRG | Financial Reform

U.S. Supreme Court Hears Argument in Case Affecting Consumers Nationwide

U.S. PIRG experts comment on a case heard before the Supreme Court Monday concerning whether American Express rules preventing merchants from steering customers to alternative lower-cost cards violate the antitrust laws. Hint: We agree with and supported several states that brought the case on behalf of their citizens. We also make the point that unless the states prevail, the practices of dominant tech platforms like Google and Amazon and Facebook will also be immunized from action.

Why The Legal Dispute Over the Leadership of the CFPB Matters

By | Michael Landis
Litigation Director

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.

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.

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. 

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

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

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! 

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.

We Need A Consumer Champion To Lead The Consumer Bureau

By | Mike Litt
Director, Campaign to Defend the Consumer Bureau

 

From requesting no budget to moving the agency away from its mission, it’s clear: Mulvaney is not leading the Consumer Bureau, he’s trying to undermine it. That’s why we’re calling on our senators to only confirm a qualified consumer champion to permanently lead the Consumer Bureau. You can help by taking action now.

 

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