Reining in Wall Street Updates

News Release | U.S. PIRG | Financial Reform

U.S. PIRG Applauds President For “Bold and Important” Recess Appointment of Richard Cordray To Head New Consumer Financial Protection Bureau (CFPB)

President Obama is taking a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

News Release | U.S. PIRG | Financial Reform

U.S. PIRG Disappointed Senate Blocks Confirmation of Rich Cordray To Head CFPB, Says “Constituents can ask opponents why.”

Today, despite strong support from diverse organizations and leaders seeking to protect consumers, veterans, students and older Americans from financial tricks and traps, the Senate failed to confirm the well-qualified nominee, Rich Cordray, to head the new Consumer Financial Protection Bureau.

News Release | U.S. PIRG | Financial Reform

U.S. PIRG Ratchets Up Support for Confirmation of Rich Cordray to Head CFPB

With a Senate vote on confirmation of former Ohio Attorney General Rich Cordray to head the new Consumer Financial Protection Bureau expected tomorrow, U.S. PIRG ratcheted up its efforts to urge Senators to support confirmation. The group announced that it is urging its members in every state to contact Senators and running radio ads in several states.

Report | U.S. PIRG Education Fund | Financial Reform

Ten Reasons Why We Need the Consumer Financial Protection Bureau Now

This report outlines predatory financial practices that hurt consumers and helped collapse the economy, costing us eight million jobs, millions of foreclosed homes and trillions of dollars in lost home and retirement values. It explains these and other emerging problems as “10 Reasons We Need The Consumer Financial Protection Bureau Now.”

News Release | U.S. PIRG | Financial Reform

Changes Gut Consumer Protections, Protect Wall Street

The House Financial Services Committee simultaneously approved an industry-friendly rollback of consumer financial and product safety protections. The approved bill eliminates the independence of the new Consumer Financial Protection Bureau (CFPB) while also preventing the Consumer Product Safety Commission's (CPSC) new public information database from informing the public about product hazards.

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

OCC Again Chooses Interests of Banks Over Consumers and States

A broad coalition of more than 250 consumer advocacy and civil rights groups are protesting yesterday’s announcement by the Office of the Comptroller of the Currency (OCC) that it will largely ignore a key mandate of the Dodd-Frank Wall Street Reform Act passed by Congress last year in response to the financial scandals that brought on the nation’s worst economic downturn since the Great Depression. Instead, the OCC will continue to give national banks a blank check to violate state rules against unfair and predatory practices.

News Release | U.S. PIRG | Financial Reform

Two Years After Passing the Credit CARD Act, Congress Steps Up Attacks on Consumer Cop Designed to Enforce It

The Credit CARD Act of 2009 has eliminated numerous credit card tricks and traps without causing skyrocketing interest rates or any of the other horrible side-effects that the banks once warned about.  Now the banks and their Congressional allies are seeking to eliminate the CFPB, the new consumer cop created to enforce the CARD Act and protect consumers from other tricks of the trade, like unfair mortgage and overdraft practices.

News Release | U.S. PIRG | Financial Reform

Congress Should Reject Attempts to Put "Knife in the Ribs" of CFPB

U.S. PIRG and other members of Americans for Financial Reform are urging the House of Representatives to reject three proposed bills designed to defang and delay the new Consumer Financial Protection Bureau (CFPB).

Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. 

Report | U.S. PIRG Education Fund | Financial Reform

Halfway to the CFPB

The CFPB Implementation Team staff are making significant progress in their efforts to both build an effective agency and be ready to perform required functions by the transfer date (July 21, 2011).

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