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

Halloween Over, But Congress Mixing Up Witches' Brew of Bank Rollbacks Anyway | Ed Mierzwinski

Yesterday, the Senate Banking Committee announced a bi-partisan bill designed to weaken bank regulations in numerous ways. Today the House Financial Services Committee votes on nearly two dozen bills. The worst would allow payday lenders and other seeking to avoid strong state laws under a new rent-a-bank scheme. It's Halloween again on Capitol Hill, with tricks for consumers and taxpayers, and treats for banks and payday lenders.

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

Statement on the Quarterly Earnings Announcement By Equifax

We join leading consumer groups in a statement about today's earnings announcement from Equifax. On September 7th the behemoth credit bureau finally announced to the world that, in late July, it had discovered an apparent multi-month intrusion into its systems affecting the Social Security Numbers and other personal information of 143 million consumers (later increased to 145.5 million consumers).

> Keep Reading
Blog Post | Financial Reform

We Warn Congress: After Equifax, Firms Will Step Up Trojan Horse Efforts to Eliminate State Privacy Laws | Ed Mierzwinski

Like clockwork, after any big data breach is disclosed, powerful special interests seek to turn the problem into a bigger problem for consumers by  using it as an opportunity to enact some narrow federal legislation that broadly eliminates state data breach notice, state data security and other privacy protections.  I testified yesterday in the House warning of their Trojan Horse efforts, which not only take away existing laws, but deny any new laws, even on new problems identified. 

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

Interactive Map Shows Consumers In 42 States Have No Access To Free Credit Freezes

We've created an interactive map showing all the details of placing credit freezes on your credit report-- where the freeze is free for anyone, where temporary thaws/lifts are free, and where senior citizens, children, other protected classes pay less (or sometimes more). Only previous ID theft victims get freezes for free in every state; that's why we're calling for a new federal free freeze law for everyone else after the Equifax breach. 

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

Equifax CEO Retirement Not Enough To Clean Up Credit Bureaus, Need CFPB

Here's our statement by Consumer Program Director Ed Mierzwinski regarding the announcement from Equifax that the retirement of the CEO who presided over its massive data breach and "inadequate, maddening" response was not enough to clean up the credit bureaus. Congress also needs to act to provide free credit freezes for all and to force all of the Big 3 credit bureaus to do a better job.

> Keep Reading

Pages

Blog Post

Last year, the Supreme Court eliminated the FTC's key authority to disgorge ill-gotten gains from corporate wrongdoers and use the money to compensate their victims. It was an unfortunate decision that benefited a convicted payday lender who fleeced thousands of victims and will allow brand name Big Pharma firms that block lower-cost generic competitors and other wrongdoers to escape billions of dollars in restitution. The Senate Commerce Committee is voting tomorrow on a bill to restore FTC powers.

-- Cover graphic of FTC Building via Flickr, by Boston Public Library, Some rights reserved.

News Release | U.S. PIRG

U.S. PIRG joined leading consumer and bank trade groups to urge Congress to enact the bi-partisan HR5912, to close the Industrial Loan Company (ILC) loophole that threatens the banking system.

News Release | U.S. PIRG

Our statement on the Securities and Exchange Commission's newly proposed rule that would require publicly traded companies to improve and standardize the information they disclose about their greenhouse gas emissions.

Blog Post

In a new report, we question whether “Buy Now Pay Later” plans make “no fees or interest!” claims that may not be true. We find that you might be billed for canceled or backordered items, but neither the merchant nor the BNPL provider may take responsibility. You can file a comment in the CFPB’s BNPL inquiry until March 25th. Get our BNPL tips.

Cover image: Courtesy iStock by B4LL, used under license

Blog Post

Yesterday’s announcement of a new report finding stupefying amounts of medical debt on consumer credit reports continues the Biden CFPB’s focus on identifying and responding to consumer pain points caused by a financial marketplace that doesn’t always work for consumers. The CFPB has your back!

Photo courtesy Americans for Financial Reform, All rights reserved.

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