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

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.

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Blog Post | Consumer Protection, Financial Reform

U.S. PIRG Education Fund Files Amicus Brief in the U.S. Supreme Court Supporting States in Antitrust Litigation Against American Express | Michael Landis

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.

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Blog Post | Financial Reform

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs and Consumer Lawyers | Ed Mierzwinski

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.

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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?

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Blog Post | Financial Reform

US Treasury Report A Gift To Wall Street, A Threat To CFPB and Everyone Else | Ed Mierzwinski

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.

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News Release | U.S. PIRG | Financial Reform

Robo-Signing Settlement With Big Banks Is Important Step

Today's settlement by the U.S. and 49 state attorneys general with the 5 biggest mortgage servicers - the big banks Citibank, Bank of America, Wells Fargo and JP Morgan Chase, along with Ally Financial - is an important and enforceable first step toward holding the big banks accountable for not only wrecking the economy but using a variety of unfair foreclosure practices to ruin the lives of millions of Americans and, in many cases, taking their homes illegally.

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Applauds President For “Bold and Important” Recess Appointment of Richard Cordray To Head New Consumer Financial Protection Bureau (CFPB)

President Obama is taking a bold and important step to protect consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

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Media Hit | Financial Reform

LA Times: Richard Cordray Appointment 'Turns Lights On' at Consumer Bureau

"Congress wanted the bureau to protect consumers no matter where they shopped for financial products," said Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group. "With a director, the public can now have confidence the consumer bureau is ready, willing and able to investigate their financial problems."

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News Release | U.S. PIRG Education Fund | Financial Reform

New Report Highlights Reasons for New Consumer Protections

The report outlines predatory financial practices that hurt consumers and led to the collapse the economy, costing us eight million jobs, millions of foreclosed homes and trillions of dollars in lost home and retirement values.

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Disappointed Senate Blocks Confirmation of Rich Cordray To Head CFPB, Says “Constituents can ask opponents why.”

Today, despite strong support from diverse organizations and leaders seeking to protect consumers, veterans, students and older Americans from financial tricks and traps, the Senate failed to confirm the well-qualified nominee, Rich Cordray, to head the new Consumer Financial Protection Bureau.

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Blog Post | Financial Reform

On Memorial Day, Thank Servicemembers and Veterans and Thank the CFPB for Protecting Them | Ed Mierzwinski

On this Memorial Day, celebrate servicemembers and veterans. It's important that the CFPB has their backs, since predatory lenders are after their wallets.  As I often say, the idea of the CFPB needs no defense, only more defenders.

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Blog Post | Financial Reform

CFPB complaints help recover $90 million for servicemembers | Ed Mierzwinski

Yesterday, the U.S. Departments of Justice and Education and the FDIC slammed student loan company Sallie Mae and a spinoff, ordering over $6 million in penalties and $90 million in compensation to servicemembers and veterans. Complaints to the CFPB's public database helped build the case. As the CFPB's director said in an important speech last week: "Each consumer’s voice counts and the chorus of many voices can change practices at these large financial companies."

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Blog Post | Financial Reform

We Join FTC Event on Big Data E-Scores | Ed Mierzwinski

Companies on the Internet are tracking you with vastly powerful Big Data algorithms to determine what to sell you and for how much and what financial opportunities to offer you. Today at 10am, I join an FTC workshop on Alternative Scoring Products to debate the transparency and fairness of the system with privacy and technology experts from industry, academia and the public interest. You can attend or watch online.

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Blog Post | Financial Reform

While CFPB Takes Action To Aid Consumers, U.S. House Acts Against CFPB | Ed Mierzwinski

Yesterday, the CFPB sued ITT, a for-profit school, for a variety of alleged violations, including pressuring students into high-cost predatory loans with little promise of a future job. This morning, I join CFPB leaders for a panel on how it can help fix the credit reporting system. Yet, this afternoon, the House will probably vote to hobble the CFPB in several ways. Go figure.

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Blog Post | Financial Reform

Target says "Oops, 70-110 million consumers hacked." | Ed Mierzwinski

Target is now saying that "a range of 70 million to 110 million people," not the original 40 million customers, had their credit or debit card numbers hacked in December. Even worse, Target is admitting that the database stolen included email addresses and phone numbers, which leaves consumers vulnerable to phishing attacks that could lead to identity theft, as if fraud on existing accounts wasn't enough. Here are some tips.

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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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