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

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

Investigation finds 1 in 9 used cars for sale at AutoNation have unrepaired safety recalls

AutoNation, America’s largest auto retailer, is selling used vehicles with unrepaired safety recalls including explosive Takata airbags, faulty GM ignition switches and defects with no fix available.

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

New analysis uncovers unsafe blood pressure medication distributed in US

A new analysis of publicly available information from the FDA by U.S. Public Interest Research Group Education Fund finds only 26 percent of a class of recalled blood pressure medications have been assessed for carcinogen contamiantion -- and the majority had some lots with higher levels than the FDA considers safe.

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News Release | Consumer Protection

Statement: Consumer Financial Protection Bureau agrees to retain consumer complaint database and enhance elements of the key resource

The Consumer Financial Protection Bureau announced today it would continue to maintain its public consumer complaint database, and that it also plans to make a number of “enhancements” to the database. These include: providing financial information and details into the complaint process to both better address questions and inform consumers before issuing a complaint; and adding materials to help consumers who seek answers to specific questions from financial companies.

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News Release | Consumer Protection

Statement on Re-introduction of the Overdraft Protection Act

Statement of Higher Ed Campaign Director Kaitlyn Vitez on the reintroduction of the Overdraft Protection Act, which would improve consumer disclosures and limit excessive fees. 

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Blog Post | Consumer Protection

In the wake of the Capital One data breach, Ed Mierzwinski and Adam Garber explain how to protect your credit

Were you affected by the Capital One breach, one of the largest thefts of data from any bank to date?

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News Release | U.S. PIRG | Consumer Protection

CVS-Aetna merger will increase prescription drug costs for many

CVS-Aetna lawyers, consumer advocates and health care organizations gathered in Washington for oral arguments on whether the Department of Justice’s proposed final judgment in the CVS-Aetna matter is in the public interest. 

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News Release | U.S. PIRG | Consumer Protection

Expert testimony reveals CVS-Aetna merger will harm American health care

For the past two days, experts testified in front of U.S. District Judge Richard J. Leon in a unique hearing to determine whether the proposed settlement between the U.S. Department of Justice, CVS Health and Aetna is in the public interest.

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News Release | U.S. PIRG | Consumer Protection

U.S. PIRG: CVS-Aetna merger bad for American healthcare

A merger already approved by the Justice Department is undergoing an extremely rare hearing in federal court.

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News Release | U.S. PIRG | Consumer Protection

U.S. PIRG celebrates 10 years of the Credit CARD Act

U.S. PIRG celebrated the 10th anniversary of the passage of the groundbreaking Credit CARD (Credit Card Accountability Responsibility and Disclosure) Act today by joining with the law’s chief sponsor Rep. Carolyn Maloney (NY) at a U.S. Capitol press conference.

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Report | U.S. PIRG Education Fund | Consumer Protection, Higher Ed

The Campus Credit Card Trap 2008

This study is an in-person survey of a diverse sample of over 1500 students, primarily single undergraduates, at 40 large and small schools and universities in 14 states around the country conducted between October 2007 and February 2008. It analyzes how students pay for their education, how many use and how they use their credit cards and, finally, their attitudes toward credit card marketing on campus and whether or not they support principles to rein in credit card marketing on campus.

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Report | U.S. PIRG Education Fund | Consumer Protection

Mixed Signals

In an effort to determine America’s preparedness for the transition, the U.S. Public Interest Research Group (PIRG) Education Fund conducted a “secret shopper” survey at 132 locations of five leading national electronics retailers in ten states. The survey found that retail electronic store staff are largely uninformed and are not adequately preparing consumers for the impending transition to digital television.

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Report | U.S. PIRG Education Fund | Consumer Protection

Trouble In Toyland 2007

The 2007 Trouble in Toyland report is the 22nd annual Public Interest Research Group (PIRG) survey of toy safety. This report provides safety guidelines for parents when purchasing toys for small children and provides examples of toys currently on store shelves that may pose potential safety hazards. We visited numerous toy stores and other retailers to find potentially dangerous toys and identify trends in toy safety.

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Report | U.S. PIRG Education Fund | Consumer Protection

Trouble In Toyland 2006

The 2006 Trouble in Toyland report is the 21st annual Public Interest Research Group (PIRG) survey of toy safety. This report provides safety guidelines for parents when purchasing toys for small children and provides examples of toys currently on store shelves that may pose potential safety hazards. This year, we focused on four categories of toys: toys that may pose choking hazards, magnetic toys, toys that are excessively loud, and toys that contain potentially toxic chemicals.

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Report | OSPIRG | Consumer Protection

Predatory Lending In Lane County

Over the past decade, payday lending has grown from almost nothing to over 25,000 storefronts in most states across the country, including Oregon. This has happened at a time when the majority of mainstream lenders have left the traditional small loan market, and as many consumers have exhausted their credit cards or other types of credit. The growth of the payday lending industry is partly explained by the appeal of quick access to cash with few questions asked.

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Blog Post | Consumer Protection

U.S. PIRG Amends Court Filings Against FTC As 3 More Used Car Dealers Allowed to Sell Unfixed, Recalled Cars | Michael Landis

U.S. PIRG, along with Consumers for Auto Reliability and Safety (CARS) and the Center for Auto Safety, is challenging in court recent actions by the Federal Trade Commission that put the health and safety of millions of Americans at risk. This week, we amended our previous court filings because the FTC has now filed unacceptable decrees with six, not three, used car dealers.

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Blog Post | Consumer Protection, Financial Reform

How Has the CFPB Helped Consumers Dealing with Debt Collectors?

The Consumer Financial Protection Bureau receives more complaints about debt collection than about any other topic. The complaints are submitted by consumers who reach out to the CFPB for help resolving problems with debt collectors and other problems in the financial marketplace.

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Blog Post | Consumer Protection, Financial Reform

Do Consumers Need the CFPB?

The Consumer Financial Protection Bureau helps protect consumers in the financial marketplace, which includes banks, debt collectors, mortgage and vehicle lenders, credit card companies, credit bureaus, payday lenders, student loan servicers, and other financial actors. The CFPB protects all consumers by implementing fair, clear and transparent rules to protect consumers in the financial marketplace.

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Blog Post | Consumer Protection, Financial Reform

How Has the CFPB Helped Consumers?

The Consumer Financial Protection Bureau has helped consumers reclaim billions of dollars lost through unfair financial practices. As of the end of 2016, the CFPB had returned more than $11.8 billion to 29 million customers.

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Blog Post | Consumer Protection

Prepaid card consumer protections on the chopping block | Anna Low-Beer

Commonsense consumer protections for prepaid cards against fraud, hidden fees and overdraft charges are on the Congressional chopping block. Resolutions have been introduced in both the House and the Senate that would roll back an important prepaid card rule created by the Consumer Financial Protection Bureau last year.

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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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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.

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