Defend the Consumer Bureau

STANDING UP FOR CONSUMERS IN THE FINANCIAL MARKETPLACE—For more than 20 years, Consumer Program Director Ed Mierzwinski has helped us stand up against big banks and credit card companies.

A Consumer Cop On the Financial Beat

You work hard for your money. You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future. 

That’s why we need strong consumer protections on Wall Street. And from the 2008 economic collapse, we know how big of an impact those institutions can have on our economy when they play fast and loose with our money. It made it clear: Americans need a watchdog agency on Wall Street, devoted to creating and enforcing fair, clear and transparent rules to protect consumers. 

So in 2010, we helped create the Consumer Financial Protection Bureau (CFPB) to be our consumer cop on the financial beat.

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, they’ve been hugely successful at working for consumers, returning nearly $12 billion to more than 29 million people who were ripped off by companies that broke the law … in just six years. 

The CFPB holds big banks, debt collectors and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on to protect consumers:


When American Honda Finance used discriminatory pricing to rip off African-American, Hispanic and Asia/Pacific Island borrowers who paid too much for car loans, the CFPB returned $24 million to these consumers.


The Department of Justice and 47 states joined the CFPB in a $216 million action against JP Morgan Chase Bank for illegal debt collection practices affecting over half a million Americans.


When it was discovered that Wells Fargo employees were opening unauthorized debit and credit accounts using their customer's information, the CFPB fined Wells Fargo $100 million for fraud.


The CFPB fined Equifax and TransUnion — two of the three largest credit reporting agencies — $5 million for selling inflated credit scores to consumers that were different from ones actually used by lenders and returned $17 million to those harmed by the deception.

In addition, the Consumer Bureau has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.

The Consumer Bureau's success should be earning it applause in Washington. Yet instead of cheering on the Consumer Bureau, the Trump administration and some members of Congress are pushing to weaken or even get rid of it. 

Tell Your Senators: Stand Up For Consumers

We can keep our consumer cop on the financial beat — but only if we can convince enough senators to stand up and be counted as Consumer Champions, and stop any bad bills that try to roll back or eliminate consumer protections.

Even with the Consumer Bureau on the job, many Americans are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the CFPB to exist: We need to make it even better, by strengthening commonsense consumer protections. 

In the wake of the Great Recession, we helped spearhead the creation of the Consumer Bureau. Now, we need your help to stand up for consumer protection once again, and defend the CFPB from those who would weaken or eliminate it.

Issue updates

Blog Post | Financial Reform

Car troubles during the pandemic? We have some tips. | Lucy Baker

For National Consumer Protection Week, here’s an update on our work on car buying and leasing, including consumer tips.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Statement: Credit bureaus need to do more than extend free weekly credit reports for another year

Our statement in response to the announcement by the Big Three credit bureaus that they would extend weekly free credit reports for another year in response to the pandemic. They can and  should do much more.

> Keep Reading
News Release | U.S. PIRG Education Fund | Financial Reform

Study: CFPB complaints shattered records in 2020, exposing how the COVID-19 pandemic battered consumer finances

Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the U.S. PIRG Education Fund.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Consumer and Privacy Groups Urge Virginia Governor to Veto or Send Privacy Bill Back to Legislature

We join leading privacy and consumer groups to urge veto of industry-approved Virginia privacy law.

> Keep Reading
Blog Post | Financial Reform

Industry-Approved Privacy Bill Nears Passage in Virginia | Ed Mierzwinski

The Virginia legislature is racing  to pass an industry-approved privacy bill. Here's why that's a bad, bad idea.

> Keep Reading

Pages

News Release | U.S. PIRG | Financial Reform

Statement: Credit bureaus need to do more than extend free weekly credit reports for another year

Our statement in response to the announcement by the Big Three credit bureaus that they would extend weekly free credit reports for another year in response to the pandemic. They can and  should do much more.

> Keep Reading
News Release | U.S. PIRG Education Fund | Financial Reform

Study: CFPB complaints shattered records in 2020, exposing how the COVID-19 pandemic battered consumer finances

Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the U.S. PIRG Education Fund.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Consumer and Privacy Groups Urge Virginia Governor to Veto or Send Privacy Bill Back to Legislature

We join leading privacy and consumer groups to urge veto of industry-approved Virginia privacy law.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

> Keep Reading
News Release | U.S. PIRG | Financial Reform

FTC Complaint: Ending an Amazon Prime Membership Is a Deceptive, Unlawful Ordeal

U.S. PIRG joins Public Citizen and others urging FTC to investigate cancellation practices at Amazon Prime, based on findings of report by Norwegian Consumer Council.

> Keep Reading

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Reforming Wall Street

U.S. PIRG’s campaign to win historic Wall Street Reform was recognized by The Hill newspaper as one of the Top 10 lobbying victories of 2010, which wrote that, “[c]onsumer advocacy groups like the U.S. Public Interest Research Group and the Consumer Federation of America won big with the creation of the Consumer Financial Protection Agency.” In addition, we worked to ensure the confirmation of Richard Cordray as director of the CFPB, ensuring that the new agency had the power to carry out its mission.

> Keep Reading
Report | U.S. PIRG | Financial Reform

Analysis: CFPB Complaints Surge During Pandemic, Led By Credit Report Complaints

For the fifth consecutive month, consumer complaints to the CFPB set a new monthly complaint volume record in July, according to an analysis by U.S. PIRG and the Frontier Group. This snapshot focuses on spikes in complaints about credit reporting. While credit reporting complaints have always been among the leading complaint categories, during the pandemic the total number of credit reporting complaints has surged by 86 percent. As a percentage of overall complaints, they accounted for 65 percent in July, compared to 54 percent in February.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Putting Consumers First

U.S. PIRG Education Fund, the Student Borrower Protection Center and Consumer Action have released a report recommending that  CFPB should use the full extent of its authority to take immediate action to strengthen its consumer complaint tool, hold companies accountable for providing complete and timely responses to consumers, and leverage consumer complaints related to the pandemic to support oversight and regulatory action to protect consumers.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Positioned To Protect

With the CFPB under new management less interested in consumer protection and law enforcement, our new report highlights steps states, counties and cities are taking to protect consumers better. Coincidentally, the report was completed on the same day that the U.S. Senate confirmed Kathy Kraninger to a 5-year term as CFPB director. She replaces her mentor, the OMB director Mick Mulvaney, who has been serving as acting CFPB director for just over a year.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Debt Collectors

Report: Our latest report based on the CFPB's public Consumer Complaint database reviews the most-complained about debt collectors. Funny, a new CFPB complaint "snapshot" does not. The report comes as the CFPB's acting director threatens to make the database non-public. If the CFPB both shuts down the public database and continues to issue industry-friendly reports that don’t give out any real information, the public and marketplace harm is even greater.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Shining A Light on Consumer Problems:

Our report, Shining A Light on Consumer Problems: The Case for Public Access to the CFPB’s Financial Complaints Database, details why it is important that the highly successful Consumer Financial Protection Bureau database of over one million consumer complaints remain open to the public, so consumers, researchers and others can study the financial marketplace.

> Keep Reading

Pages

Blog Post | Financial Reform

Car troubles during the pandemic? We have some tips. | Lucy Baker

For National Consumer Protection Week, here’s an update on our work on car buying and leasing, including consumer tips.

> Keep Reading
Blog Post | Financial Reform

Industry-Approved Privacy Bill Nears Passage in Virginia | Ed Mierzwinski

The Virginia legislature is racing  to pass an industry-approved privacy bill. Here's why that's a bad, bad idea.

> Keep Reading
Blog Post | Financial Reform

Bipartisanship Works in State Attorneys General Lawsuits Against Big Tech’s Google and Facebook | Ed Mierzwinski

In late 2020, state and federal consumer cops filed several enforcement actions against the powerful Big Tech platforms Google and Facebook over practices alleged to violate antitrust and competition laws.  What is notable about these efforts is the degree of bipartisanship and collaboration involved. Ideally, Congress will find a way to follow the bipartisan lead of the state consumer cops and make its continued investigations and actions against the Big Tech firms that now dominate the economy more effective.

> Keep Reading
Blog Post | Financial Reform

Dating App Grindr Fined Over $11M By Norwegian Agency and Other BigTech News | Ed Mierzwinski

In January, the Norwegian Data Protection Authority fined the dating app Grindr over $11 million for violating its users' privacy. In January 2020, U.S. PIRG and others had asked the FTC to investigate Grindr and other dating and health apps, but the agency has not taken action. In other news: January 2021, our coalition also asked the FTC to investigate the alleged difficulty of cancelling an Amazon Prime membership. Oh, and we've also urged Senate leaders not to give BigTech lobbyists any senior antitrust jobs!

> Keep Reading
Blog Post | Financial Reform

Should we fire the Big 3 credit bureaus? | Ed Mierzwinski

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

> Keep Reading

Pages

Blog Post

For National Consumer Protection Week, here’s an update on our work on car buying and leasing, including consumer tips.

News Release | U.S. PIRG

Our statement in response to the announcement by the Big Three credit bureaus that they would extend weekly free credit reports for another year in response to the pandemic. They can and  should do much more.

News Release | U.S. PIRG Education Fund

Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the U.S. PIRG Education Fund.

News Release | U.S. PIRG

We join leading privacy and consumer groups to urge veto of industry-approved Virginia privacy law.

Blog Post

The Virginia legislature is racing  to pass an industry-approved privacy bill. Here's why that's a bad, bad idea.

Financial Reform

Congressional override finally bans anonymous shell companies

From terrorist financing to Medicare fraud, anonymous shell companies have shielded the identities of wrongdoers and served as financial getaway cars for hiding dirty money. But in a historic override of a presidential veto, Congress has outlawed anonymous shell companies in the United States.

 
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DEFEND THE CFPB

Tell your senators 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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