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 Bureau

The 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.

Keep Retirement Advisors in Check

Right 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.

Stop Predatory Payday Lending

Sky-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.

Protecting Student Borrowers

It'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

Blog Post | Consumer Protection

U.S. PIRG Consumer Campaign Director Testifies at Congressional Hearing on Data Security | Mike Litt

U.S. PIRG's Consumer Campaign Director, Mike Litt, was invited to testify at a Congressional hearing yesterday about improving data security at the credit bureaus. Here are his opening remarks. 

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News Release | U.S. PIRG Education Fund | Consumer Protection, Food

California avocados second major recall in less than a week

Henry Avocado Corporation is recalling avocados potentially contaminated with the deadly listeria bacteria. Adam Garber, U.S. PIRG said in a statement: “We are barely getting a chance to breath between recalls."

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News Release | U.S. PIRG Education Fund | Public Health, Consumer Protection

Tyson chicken strips recalled, may contain pieces of metal

Just seven weeks after Tyson Foods recalled chicken nuggets that could contain rubber, the poultry giant is recalling chicken strips that might contain metal. 

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News Release | U.S. PIRG Education Fund | Consumer Protection

Boeing Max planes have ‘optional’ safety mechanisms

Newly-revealed details by the New York Times about of the crash of two Boeing 737 Max 8 planes may stun even the most hardened observer. The planes lacked a safety feature that may have warned pilots about problems because it was not required and Boeing charged airlines extra to include it. Adam Garber, U.S. PIRG Education Fund Consumer Watchdog issued the following statement.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Blood pressure medication recalled for 75th time in 8 months

The presence of chemicals that likely cause cancer has prompted the U.S. Food and Drug Administration (FDA) to announce another recall of the blood pressure medication Valsartan. In response, U.S. PIRG Consumer Watchdog Adam Garber released the following statement. 

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News Release | U.S. PIRG | Consumer Protection

Drivers still at risk as more Ford cars recalled

On Friday, Ford expanded a recall of its cars with Takata airbag inflators for the fourth time, broadening it by an additional 953,000 vehicles. Tano Toussaint, Consumer Watchdog Associate, responds.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Wells Fargo Reaches $575 Million Settlement With 50 States and D.C. Over Fake-Accounts and Other Consumer Scandals

Here is our statement about today's announced Wells Fargo settlement.

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News Release | U.S. PIRG | Consumer Protection

Investigation alleges Facebook violates consumers’ privacy -- and an FTC consent decree against deception

Yesterday, The New York Times published the results of an investigation alleging that Facebook allowed big tech partners including Netflix and Spotify to access users’ personal data -- including private Facebook messages -- and ignored an FTC consent decree requiring users’ consent.

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News Release | U.S. PIRG Education Fund | Consumer Protection

U.S. PIRG Education Fund launches ID theft protection week for the holidays

In light of recent, high profile data breaches at Marriott and Quora and a new government report about Equifax’s breach, consumer group U.S. PIRG Education Fund is launching an online campaign to protect consumers as they use their credit and debit cards to travel and buy gifts this holiday season.

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News Release | U.S. PIRG Education Fund | Consumer Protection

House Committee report confirms Equifax botched data security and response

Today, the House Oversight and Government Reform Committee released the results of its investigation into the 2017 Equifax data breach. Mike Litt, consumer campaign director for the U.S. PIRG Education Fund, issued the following statement, which includes steps that consumers can take to protect themselves from identity theft.

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Report | U.S. PIRG | Consumer Protection

Playing It Safe 2000

The fifth nationwide investigation of public playgrounds by the Public Interest Research Groups (PIRG) and Consumer Federation of America (CFA) found that a majority of American playgrounds pose hidden threats to our nation’s youngsters.

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Report | U.S. PIRG | Consumer Protection

ATM Fee Backlash

The ATM surcharge has more than doubled the cost to consumers for using foreign ATMs. The surcharge contributes dramatically to the profits of ATM owners, lessens the benefit to consumers of shared ATM networks and encourages the growth of bigger banks.

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Report | U.S. PIRG | Consumer Protection

Show Me The Money

This report updates a 1998 CFA survey on the consumer costs of payday lending and includes a survey of 230 payday lenders found in 20 states. It finds that payday lenders continue to make short term consumer loans of $100-400 at legal interest rates of 390-871% in states where payday lending is allowed. More disturbingly, the report finds that payday lenders are exploiting new partnerships with national banks to make payday loans in states, such as Virginia, where the loans are otherwise prohibited by usury ceilings or other regulations.

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Report | U.S. PIRG | Consumer Protection

Big Banks, Bigger Fees 1999

Over 12 million American families can't afford bank accounts. The rest of us are paying too much, especially if we bank at big banks. Meanwhile, in 1998 banks recorded nearly $62 billion in profits, an eighth straight record year.

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Report | U.S. PIRG | Consumer Protection

ATM: Always Taking Money

This PIRG national survey, done in March 1999, compares surcharging practices at 336 banks and 31 credit unions to the results of PIRG's spring 1998 report, "Big Banks, Bigger ATM Fees."

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Blog Post | Consumer Protection

Consumer Financial Protection Bureau: By the numbers | Kathryn Lee

The Consumer Financial Protection Bureau released a breakdown of their successes they’ve had in the short five-year period they’ve been established. We're very proud to have been a part of building it and defending it; we're also very proud of the many achievements the youthful CFPB has made to make the financial marketplace fairer for consumers.

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Blog Post | Consumer Protection

Will Wells Fargo CEO Tell Senate "No Clawbacks" of Exec's Golden Parachute? | Ed Mierzwinski

Wells Fargo CEO John Stumpf goes before the Senate Banking Committee Tuesday (9/20) to explain the recent $185 million in combined civil penalties by the CFPB and other regulators over a sales goals incentive scandal that led to employees opening some 2 million fake, secret accounts without the knowledge of customers. How will he respond to the growing public clamor for a clawback of bonuses paid his top retail executive Carrie Tolstedt, whose retirement with a $125 million golden parachute package had been announced earlier this summer? 

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Blog Post | Consumer Protection

Wall Street Ramps Up Attacks on Wall Street Reform | Ed Mierzwinski

On Friday, the House overwhelmingly approved a Wall Street-driven proposal to weaken oversight of private equity firms, taking a chunk out of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. But wait, there's so much more: On Tuesday the House Financial Services Committee takes up the so-called "Financial Choice Act," which eviscerates most of Dodd-Frank's key reforms, from stripping powers of the Financial Stability Oversight Council to repealing the Volcker Rule, which reins in risky betting practices that use depositors' money. As for the CFPB (which just this week issued its biggest fine to date, $100 million against Wells Fargo Bank for opening hundreds of thousands of fake and secret consumer accounts to meet sales goals), the proposal would defund and defang it and delay or stop its efforts to rein in unfair practices of payday lenders, debt collectors and banks. Many of the Financial Choice Act's provisions also pose threats as budget bill "riders."

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Blog Post | Consumer Protection

Good news! CFPB Adding Consumer Ratings of Company Responses to Complaint Database | Ed Mierzwinski

The CFPB is making a good public consumer complaint database better. In 2015, the CFPB added optional consumer narratives, or stories, to its public consumer complaint database, giving other consumers, researchers and even other firms a new way to help study complaint patterns. Now, it will give consumers a chance to “rate the company’s handling of his or her complaint on a one-to-five scale and provide a narrative description in support of the rating.”

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Blog Post

Johnson & Johnson will end the sale of talc-based baby powders--which can be contaminated with asbestos--in the United States and Canada. That’s a big win for consumers, but it’s not enough.

News Release | U.S. PIRG

As the House considers the next coronavirus funding bill, the Heroes Act, an analysis by U.S. PIRG of recent complaints to the U.S. Consumer Financial Protection Bureau (CFPB) shows an alarming need for Congressional action to protect consumers from the pandemic’s repercussions.

News Release | U.S. PIRG

Consumer Reports, U.S. PIRG and a consumer-turned-activist delivered nearly 250,000 petition signatures today to the airlines calling on them to provide full refunds when passengers cancel their flights because of concerns about the coronavirus.

Blog Post

If you’re like me, you’re spending a lot more time cleaning while sheltering in place. My increased time at home cooking, working, and playing with my children makes a lot of mess! I am also cleaning more as a way to reduce the risk of exposure to COVID-19. I enjoy my cleaning routine; in a day full of zoom calls and wrangling small children, it’s nice to take a break to listen to the radio or music while I wipe down the counters or sweep the floor. 

News Release | U.S. PIRG Education Fund

The Small Business Administration (SBA) announced Tuesday that the personal information of nearly 8,000 business owners applying for federal disaster loans had been exposed. The breach affects applicants to the Economic Injury Disaster Loan program (EIDL), and may have included names, Social Security numbers, addresses, birth dates, email addresses, phone numbers, citizenship statuses and insurance information.

Consumer Protection

Record volume of CFPB complaints encapsulates why Americans need greater financial protection

A U.S. PIRG report finds that complaints filed with the Consumer Financial Protection Bureau reached record numbers in April. Credit reporting complaints, which historically top the list, increased by more than 20,000.

 

Consumer Protection

Rich Cordray offers expert consumer tips with U.S. PIRG advocates via Zoom

During an online panel organized by U.S. PIRG, former CFPB Director Rich Cordray warned that this difficult time will likely last longer than most believe, and that consumers need protections such as mortgage relief and a halt on evictions for nonpayment of rent in order to weather it.

 

Consumer Protection

Suppliers are gouging health care providers. 100-plus mayors are calling for federal action.

More than 100 mayors and county executives joined U.S. PIRG in sending a letter to the Trump administration urging the federal government to invoke the Defense Production Act to increase production of critical medical supplies, and to establish a system to distribute those supplies to front line workers.

 

Consumer Protection

Data breach may have exposed personal data of 5.2 million Marriott guests

On March 31, Marriott disclosed its second data breach in 16 months, this time related to its loyalty app. The hack exposed the personal data of 5.2 million guests, putting them at risk of phishing schemes.

 
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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.

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