Reining in Wall Street

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

Since 2009, the solution has been clear. We need to have fair, clear, transparent and enforceable rules that protect consumers in the financial marketplace. Now, we know we can get there through the work of an agency that has those principles at the core of its mission — the Consumer Financial Protection Bureau.   

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, we’ve already seen their financial oversight return nearly $12 billion to consumers … in just five 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:


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 andTransUnion — 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.

But the CFPB doesn't just help consumers get their money back, it levels the financial playing field. The CFPB has several specialized departments for veterans, senior citizens, new homeowners, college students, and low-income consumers that seek to educate the public on how to stay safe and provide them with the tools they need to keep their finances secure.

Tell Your Senators: Stand Up For Consumers

Almost every day we hear about some new way of tricking, trapping and ripping off consumers. And despite the fact that tricks like these led directly to the 2008 financial collapse, some Wall Street banks are spending upwards of a million dollars every day to roll back the rules and the CFPB — the very agency that was created to keep them in check. Now, many legislators in Washington want to defund or destroy the CFPB.

Effective consumer protections aren't some sort of luxury we can't afford — they're hallmarks of a great country. As founders and leaders of the movement to create and protect the CFPB, we're working to make sure that our success not only sticks, but that we can build upon it.

Issue updates

Blog Post | Financial Reform

U.S. House Considers Trojan Horse Bill To Weaken Credit Bureau Laws | Ed Mierzwinski

What would you do if you knew that the Big 3 credit bureaus were in the Top 5 of complaint leaders to the Consumer Financial Protection Bureau and that their mistake-ridden reports caused consumers to either be denied jobs or pay more for or be denied credit due to those mistakes? Well, if you were the leadership of the House Financial Services Committee, you'd consider not one, but two bills to make this worse by eliminating strong consumer protections and eliminating some and limiting other damages payable to consumers when credit bureaus wreck their lives. You'd hide a massive weakening of consumer protections inside a Trojan Horse bill that claims to be about letting the credit bureaus help people.

> Keep Reading
Blog Post | Financial Reform

States, DC Stepping Up To Protect Student Loan Borrowers | Chris Lindstrom

With the U.S. Department of Education failing to protect students from unfair practices, the states and the District of Columbia have begun to enact student loan servicing protections. Here's an overview of what's happening in the "laboratories of democracy."

> Keep Reading
Blog Post | Financial Reform

Federal Reserve Questions Administration, Congressional Rollbacks of Wall Street Reform That Threaten CFPB | Ed Mierzwinski

Recently released minutes of the July meeting of the Federal Open Market Committee, comprised of Fed governors and regional Fed Bank presidents, show its concern that Wall Street reform rollbacks proposed by Congress, Treasury Department and the White House could allow "a reemergence of the types of risky practices that contributed to the crisis." Meanwhile, Fed vice-chair Stanley Fisher repeated his warnings that risks from the proposed rollbacks were "mind-boggling."

> Keep Reading
Blog 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
Blog 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

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News Release | U.S. PIRG

On Friday, the CFPB released a modified final version of its Debt Collection Rule, although it delayed action until December on one of its most controversial provisions, allowing collection of  time-barred zombie debt. A statement by Consumer Program Associate Lucy Baker follows.

Blog Post

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

News Release | U.S.PIRG

We've joined the National Consumer Law Center in a news release describing a letter from 21 consumer and faith groups urging her to revoke permission to the credit reporting industry to violate consumer protections. 

Blog Post

Our latest report, last week, found July set yet a fifth consecutive month of record consumer complaints to the CFPB. Complaints about credit report mistakes, always among the leaders, have surged dramatically during the pandemic. The CFPB hasn't done anything about it, but Congress has an opportunity in its next relief package to ban negative credit reporting.

Blog Post

On Monday, the U.S. House approved H.R. 5332, the Protecting Your Credit Score Act of 2020 (Gottheimer-NJ). U.S. PIRG joined other leading advocates of credit reporting reform in a support letter to the House last week. The bill takes a number of steps to make it easier to fix credit reporting errors.

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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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