Financial Reform

News Release | U.S. PIRG | Financial Reform

Statement On CFPB's Rule Restoring Rights To Take Wrongdoers To Court

Financial wrongdoers have long used mandatory arbitration clauses buried in small-print, take-it-or-leave-it contracts to prevent consumers from banding together to have their day in court. Our statement on the CFPB's important new rule restoring consumer rights to join class actions follows.

On July 6, 2017, U.S. PIRG Education Fund filed with the U.S. Supreme Court an amicus brief supporting several states who are asking the Court to review a Second Circuit judgment that allows American Express to prohibit merchants from encouraging customers to use lower-priced payment options.

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

News Release | U.S. PIRG | Financial Reform

Statement Commending New Military Consumer Enforcement Act

Read our statement commending the introduction of the Military Consumer Enforcement Act by Sens. Jack Reed (RI), Sherrod Brown (OH) and others. These senators have the right idea-- strengthen the CFPB’s ability to protect servicemembers, veterans and their families. Why do others want to weaken the CFPB?

Last week, the U.S. Treasury Department came out with a report mandated by a Presidential executive order. As feared, the report is a Wall Street wish list, with a few crumbs thrown to small banks. The CFPB and investor protections are left in ruins.

News Release | U.S. PIRG | Financial Reform

Best Interest Retirement Rule Takes Effect Today

Today, the Labor Department’s rule requiring retirement advisers to make 401-k and IRA investment recommendations to you based on a fiduciary standard, or in your “best-interest,” not theirs, goes into effect after a 2-month delay imposed by the Trump administration. Read our statement.

News Release | U.S. PIRG | Financial Reform

What Could Possibly Go Wrong?

Our statement on House passage of the Wrong Choice Act. The bill dismantles the successful CFPB and repeals most Dodd-Frank Act protections against another financial collapse. What could possibly go wrong if Wall Street banks and predatory payday lenders are allowed to run amok again?

UPDATED: Added House Floor Letter Opposing HR 10, Wrong Choice Act, Link:

Yesterday we released a report showing how the CFPB works to protect servicemembers, veterans and their families from financial predators that “line up outside our military bases like bears on a trout stream.” Today the House begins floor debate on the so-called Financial Choice Act. This Wrong Choice Act, incredibly, turns the CFPB into an unrecognizable husk incapable of protecting anyone, including servicemembers.

News Release | U.S. PIRG | Financial Reform

U.S. PIRG Supports the Constitutionality of the CFPB

U.S. PIRG news release previewing oral argument tomorrow, Wednesday, 24 May, in the lawsuit challenging the CFPB's constitutionality. We've filed a "friend of the court" brief in support of and on behalf of the CFPB. The hearing is before the full U.S. Court of Appeals for the D.C. Circuit,  

PHH v. CFPB: The Latest Attack on the Consumer Bureau

By | Michael Landis
Litigation Director

Tomorrow, Wednesday, May 24, the full D.C. Circuit will hear oral argument in PHH v. CFPB—a case that could have a significant impact on the work of the most effective consumer protection agency that we have. Check out this blog and new short video from PIRG Litigation Director Mike Landis on why the idea of the Consumer Financial Protection Bureau needs no defense, only more defenders.

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