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

Blog Post | Financial Reform

On Memorial Day, Thank Servicemembers and Veterans and Thank the CFPB for Protecting Them | Ed Mierzwinski

On this Memorial Day, celebrate servicemembers and veterans. It's important that the CFPB has their backs, since predatory lenders are after their wallets.  As I often say, the idea of the CFPB needs no defense, only more defenders.

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

New Federal Bills Would Protect Students From High-Cost Campus Bank Accounts

Yesterday, House and Senate lawmakers introduced bills that would protect college students from being needlessly steered into campus bank accounts — accounts that often drive up students’ costs and deplete their financial aid. U.S. PIRG warned that if we the Department of Education can't protect students from high campus debit card fees, then we will "pursue this strong alternative approach put forth from the Hill.”

> Keep Reading
Blog Post | Financial Reform

CFPB complaints help recover $90 million for servicemembers | Ed Mierzwinski

Yesterday, the U.S. Departments of Justice and Education and the FDIC slammed student loan company Sallie Mae and a spinoff, ordering over $6 million in penalties and $90 million in compensation to servicemembers and veterans. Complaints to the CFPB's public database helped build the case. As the CFPB's director said in an important speech last week: "Each consumer’s voice counts and the chorus of many voices can change practices at these large financial companies."

> Keep Reading
News Release | U.S. PIRG Education Fund and Center for Digital Democracy | Financial Reform

New Report Examines Promise and Potential Dangers of New Financial Marketplace

U.S. PIRG Education Fund and the Center for Digital Democracy (CDD) released a comprehensive new report today focused on the realities of the new financial marketplace and the threats and opportunities its use poses to financial inclusion. The report examines the impact of digital technology, especially the unprecedented analytical and real-time actionable powers of “Big Data,” on consumer welfare. The groups immediately filed the report with the White House Big Data review headed by John Podesta, who serves as senior counselor to the President.

> Keep Reading
Report | U.S. PIRG Education Fund and Center for Digital Democracy | Financial Reform

Big Data Means Big Opportunities and Big Challenges

This report examines the growing use of "Big Data" in financial decision-making, especially in a digital marketplace characterized more and more by the use of mobile phones. It explains the opportunities to use Big Data to promote financial opportunity and the threat of financial exclusion, discrimination or higher prices for some consumers if Big Data is not used properly. The report makes recommendations to advocates, industry and regulators.

> Keep Reading

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Blog Post | Financial Reform

New York Times is running a bank fees debate, seeks comments | Ed Mierzwinski

Over at the New York Times, you can join a debate on bank fees. Meanwhile, the CFPB has extended its comment period seeking your views on overdraft fees until June 29.

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Blog Post | Financial Reform

CFPB to announce mortgage servicing rules and other consumer news of the week | Ed Mierzwinski

(Update: phottos added.) Today, U.S. PIRG will be an invited guest as the Consumer Financial Protection Bureau proposes new mortgage servicing rules to prevent, among other things, a recurrence of the robo-signing scandal. Among the other important news items of the week, in case you missed it, Ohio has made it harder for aggrieved consumers to obtain redress when ripped off.

> Keep Reading
Blog Post | Financial Reform

Corporate crime update: Phone companies stop cramming, but banks still run amok | Ed Mierzwinski

The industry trade paper American Banker is reporting  that "Bank of America Sold Card Debts to Collectors Despite Faulty Records" in 2009 and 2010. Good to know. It confirms previous consumer group studies that had documented that big banks were forcing consumers to arbitrate and pay "debts" that may not have been owed (some were due to identity theft or sloppy records). However, in the latest fallout from a U.S. Senate Commerce committee investigation of unauthorized third-party billing on phone bills (cramming), Chairman Jay Rockefeller has announced that ATT has joined other big telcos in finally promising to drop the tawdry practice of "cramming," which is a technical term meaning "making big bucks by allowing fly-by-night firms selling useless junky products consumers don't want and didn't buy to use phone bills as cash registers."

> Keep Reading
Blog Post | Financial Reform

FTC releases major report recommending privacy reforms | Ed Mierzwinski

The U.S. Federal Trade Commission (FTC) today released a major report on consumer privacy. From FTC -- "In the report, “Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Businesses and Policymakers,” the FTC also recommends that Congress consider enacting general privacy legislation, data security and breach notification legislation, and data broker legislation."

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Blog Post | Financial Reform

Investor rights on chopping block in U.S. Senate (updated) | Ed Mierzwinski

(See updates (click Keep Reading): Today, the U.S. Senate will consider the House-passed "JOBS" Act, which weakens investor protections -- many passed after the Internet bubble burst and Enron's follow-on bankruptcy destroyed jobs and retirement savings. Its supporters claim the bill to make it easier for small companies to navigate SEC rules and  thereby promote small company growth (which theoretically creates, you guessed it, jobs), has already been thoroughly vetted. Yet, the bill is opposed by some of the Senate's most thoughtful investor champions and opposed by U.S. PIRG and numerous consumer and investor organizations. We support a substitute to be offered by Senators Jack Reed (RI), Mary Landrieu (LA) and Carl Levin (MI) because it protects investors. But if the substitute fails to get 60 votes, the JOBS Act will be non-amendable under an ill-advised special fast-track system set up to speed it through.

> Keep Reading

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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.

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