Consumer Protections on Wall Street
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.
It's not just about any one individual being protected in the financial marketplace. The fact is, without clear rules and accountability, financial markets don’t work the way they should. Hundreds of thousands of people can get ripped off, unhealthy risk-taking by big banks can become the norm, and the stability of the whole market can be put in jeopardy. And the 2008 economic collapse made it clear just how big of an impact those conditions can have on our lives, and financial security.
That’s why U.S. PIRG is working toward a system that provides basic fairness to all financial consumers, offers a more level playing field for all financial players, holds any institution that breaks the law accountable, and ensures strong protections for the most vulnerable consumers.
Our Priorities
Defend the Consumer BureauThe Consumer Financial Protection Bureau is our watchdog on Wall Street, but now some in Washington are trying to weaken or eliminate the Consumer Bureau. Stand with us and make sure we keep our consumer cop on the financial beat. |
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Keep Retirement Advisors in CheckRight now, retirement advisers can push their clients toward investments with higher fees or lower returns, just because the adviser might get a bigger payout from it. We’re working to require retirement advisers to act in their clients’ best interests. |
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Stop Predatory Payday LendingSky-high interest rates and fees on payday loans can send borrowers into a debt trap. It's time to bring an end to the payday loan industry's unfair and abusive practices, and stop the debt trap once and for all. |
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Protecting Student BorrowersIt's hard enough for many borrowers to simply pay off their student loans — they shouldn't also have to worry about their loan servicer making it more difficult and expensive for them to do that. We're working to hold those lenders accountable. |
Issue updates
During this time of year, families are thinking about the children going back to school, and for parents who are sending their kids to college, it can be a bit overwhelming. A key to addressing those concerns is making sure their teens are prepared for “adulting” -- in other words, taking care of their own lives.
The Veterans and Consumers Fair Credit Act (VCFCA) was reintroduced in the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. This bill would limit interest rates on loans and go a long way toward protecting consumers, especially veterans, who are often victimized by predatory lenders.
Representatives of several leading U.S. consumer and traveler groups today met with U.S. Department of Transportation (DOT) Secretary Pete Buttigieg to urge action on the most pressing consumer protection priorities affecting consumers flying commercial airlines. It was the first time representatives of consumer groups were granted a meeting with a U.S. Secretary of Transportation in nearly five years.
The Consumer Financial Protection Bureau celebrated its 10th birthday last Wednesday. It begins its second decade refocused on its mission of protecting you and me after a few years of, ironically, championing shady business practices over consumers. The agency’s first decade was full of success, setbacks, and promise.
As the Consumer Financial Protection Bureau (CFPB) turns 10 years old, a new report from the U.S. PIRG Education Fund recaps how the agency has helped consumers over the past decade and the steps under way to refocus the CFPB on its mission after three years of retrograde decisions under the Trump Administration.
Consumer Protection
PIRG's consumer watchdogs get to work in wake of T-Mobile data breach
Cell phone carrier T-Mobile has announced that nearly 55 million Americans were affected by a hack of its records, which in some cases compromised Social Security numbers and driver’s license numbers. In response, PIRG published a tip guide for how those affected can protect themselves against identity theft or "phishing" scams.
Consumer Protection
Senate reintroduces the Veterans and Consumers Fair Credit Act
High-cost loans are marketed as easy paths to earning extra cash — but in reality, they’re long-term debt traps that often carry triple-digit interest rates. The Veterans and Consumers Fair Credit Act would cap interest rates on loans at 36 percent and help protect consumers, especially veterans, who are targeted by predatory lenders.
Consumer Protection
Is that really the IRS? Robocall protections take aim at spoofed numbers
Thanks to new FCC rules, most phone providers are now required to arm their customers with Caller ID verification to confirm whether calls on their network are actually coming from the number on display.
Consumer Protection
Tough product safety rules will help babies sleep more safely
Improperly used inclined sleepers have led to dozens of infant deaths. Rules established by the U.S. Consumer Product Safety Commission will require all infant sleep products to adhere to more rigorous safety requirements and pass third-party testing.
Latest Reports
Tools & Resources
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No Write-Offs for Consumer Ripoffs
Corporations Able to Secure Tax Deductions for Mortgage Violations, Price-Fixing and Other Misconduct, But Two Bipartisan Bills Would AddressU.S. PIRG -
Consumer Brief Supporting NY Attorney General In Alzheimer's Drug Case
Actavis Seeks To Use Illegal "Product-Hopping" Scheme To Raise Rx Prices -
Letter from consumer groups to Experian & T-Mobile Re Data Breach
Demanding Firms Give Consumers Free Credit Freeze Protection -
Leading Groups Send Criteria for Evaluating VW Settlement
Seeking Compensation for Consumers and Environment -
Big Data and Fintech Resource: Powerpoint by Jeff Chester
Center for Digital Democracy -
U.S. PIRG Joins Legal Brief Defending CFPB Constitutionality
Case to be heard May 24th in DC Circuit, US Court of Appeals -
Medical Debt Malpractice
2-page Fact Sheet based on report -
Medical Debt Malpractice
2-page Fact Sheet based on report -
Letter Opposing HR 10, The Wrong Choice Act
Submitted to all Representatives on Day of House Floor Vote -
Fact Sheet: Older Consumers in the Financial Marketplace
An Analysis of Complaints, and Results, From the CFPB -
Our Amicus Brief Supporting the states of Ohio et al v. American Express
Before the Supreme Court of the US -
FinTech and Consumers
A draft report on the FinTech Universe -
Public Interest Privacy Principles
Endorsed by 34 Leading Groups -
Group letter opposing Nancy Beck to head CPSC
Former chemical industry official would be fox guarding henhouse -
Letter In Support of Credit Bureau Reform, HR5332
Protecting Your Credit Score Act -
Memo To Transition Team on Privacy and Digital Rights
A Blueprint for the Next Administration -
Amicus Brief of U.S. PIRG Ed Fund and NCLC
In re: Google Inc. Street View Electronic Communications Litigation -
Letter To FTC on Ending Amazon Prime Membership
Coalition Urges FTC To Investigate After Norwegian Report -
Letter To Congress Opposing Big Tech Nominees
BigTech Lobbyists Unacceptable for Antitrust Jobs -
Group Letter Urging Virginia Governor To Veto Privacy Bill
Supported By Industry Because It Doesn't Protect Privacy -
Letter to Congress from 325 groups urging repeal of OCC's "True Lender" Rule
"Fake" lender rule would facilitate predatory payday lending -
U.S. PIRG Supports Confirmation of Professor Lina Khan to FTC
Letter Supporting President Biden's Nominee -
Memorandum in Support of Motion for Summary Judgement
We sued the Trump-era CFPB over its illegal Taskforce on Federal Consumer Financial Law
DEFEND THE CFPB
Tell your representative to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.
Support Us
Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.