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

Virtual wallet, payment app complaints skyrocket | Ed Mierzwinski

Consumers increasingly are using digital peer-to-peer payment (P2P) apps for convenience. However, that convenience can quickly turn to inconvenience as the result of these apps’ often-confusing design, poor customer service and propensity for being used for scams and fraud. The number of written complaints to the Consumer Financial Protection Bureau (CFPB) about these apps and other financial tools in the “mobile or digital wallet” category has skyrocketed in recent years, reaching new heights in 2021.

Cover photo by grinvalds via IStock 

> Keep Reading
Blog Post | Financial Reform

Don’t let Sacklers off the hook for role in opioid crisis | Ed Mierzwinski

We’re backing legislation to prevent the billionaire Sackler family from using the corporate bankruptcy of its company Purdue Pharma (makers of Oxycontin and other opioids) to avoid personal liability in ongoing lawsuits by some 24 state Attorneys General attempting to bring some justice to the families of the victims of the opioid crisis. Congress held a hearing Tuesday, June 8 at noon ET.

> Keep Reading
Blog Post | Financial Reform

Credit CARD Act of 2009 didn’t break the world, it fixed a broken marketplace | Ed Mierzwinski

Twelve years ago today I was in the Rose Garden for the signing of the Credit CARD Act. It ended many unfair practices by banks intended to gouge consumers.

> Keep Reading
Blog Post | Financial Reform

Congress should confirm Lina Khan to the FTC and give FTC more tools | Ed Mierzwinski

Yesterday the Senate Commerce Committee held an oversight hearing on strengthening the FTC's tools to protect consumers. Today it held a confirmation hearing for President Biden's nominee to the FTC, Professor Lina Khan. U.S. PIRG supports both. (Photo of sculptor "Michael Lantz's Man Controlling Trade" (outside the FTC) by Steve Fernie, Some Rights Reserved.)

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

Statement: Credit bureaus need to do more than extend free weekly credit reports for another year

Our statement in response to the announcement by the Big Three credit bureaus that they would extend weekly free credit reports for another year in response to the pandemic. They can and  should do much more.

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

New Report Makes Case To Keep CFPB Complaint Database Public

As the Consumer Financial Protection Bureau’s (CFPB) acting director continues to threaten to hide the agency’s public Consumer Complaint Database from consumers and researchers, a new report makes a strong case to keep the database public. The report from U.S. PIRG Education Fund and Frontier Group was filed as an official public comment in the CFPB’s Request for Information about the database. 

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News Release | U.S. PIRG | Financial Reform

Our Statement on Senate Passage of Sweeping Bank Deregulation Bill, S2155

Our statement on final passage by the U.S. Senate of a sweeping bank deregulation bill: Excerpt: "“It’s very hard to watch the Senate vote to ignore the painful lessons from the causes of the Great Recession 10 years ago. The warning signs are plain to see."

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News Release | U.S. PIRG | Financial Reform

Bank Deregulation Bill's Free Credit Freeze Section Tweaked, But Still Preempts Better State Laws

Here's our statement on modest changes to the free credit freeze provision of S2155, the massive bank regulation deregulation package on the Senate floor. The changes aren't good enough because the states would still be preempted from better protecting their consumers and some existing state laws would be rolled back.

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News Release | U.S. PIRG | Financial Reform

Three Bills in Congress this Week Would Let Equifax Off the Hook

Remember Equifax? It's one of the nation's Big 3 credit bureaus. It's based in Atlanta. Still not sure? Oh, maybe you'll remember this: Equifax finally admitted in September that months earlier it had lost 145 million consumer records, including Social Security Numbers, to hackers. Here's our latest release explaining that instead of holding Equifax accountable, this week Congress is busy trying to help Equifax.

> Keep Reading
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.

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Blog Post | Financial Reform

Bipartisanship Works in State Attorneys General Lawsuits Against Big Tech’s Google and Facebook | Ed Mierzwinski

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

> Keep Reading
Blog Post | Financial Reform

Dating App Grindr Fined Over $11M By Norwegian Agency and Other BigTech News | Ed Mierzwinski

In January, the Norwegian Data Protection Authority fined the dating app Grindr over $11 million for violating its users' privacy. In January 2020, U.S. PIRG and others had asked the FTC to investigate Grindr and other dating and health apps, but the agency has not taken action. In other news: January 2021, our coalition also asked the FTC to investigate the alleged difficulty of cancelling an Amazon Prime membership. Oh, and we've also urged Senate leaders not to give BigTech lobbyists any senior antitrust jobs!

> Keep Reading
Blog Post | Financial Reform

Should we fire the Big 3 credit bureaus? | Ed Mierzwinski

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

> Keep Reading
Blog Post | Financial Reform

Voters support strong CFPB, strong protections against Wall Street, payday lenders | Ed Mierzwinski

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?

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Blog Post | Financial Reform

Will Congress fix credit report problem CFPB won't? | Ed Mierzwinski

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.

> Keep Reading

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News Release | U.S. PIRG

As the Consumer Financial Protection Bureau (CFPB) turns 11 years old, a new list from U.S. PIRG highlights 11 ways this crucial agency has rededicated itself to its mission since Rohit Chopra was confirmed as its new director by the Senate last fall.

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

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