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

Media Hit | Financial Reform

Why you should keep your debit card at home

[...]debit cards do not share the same consumer protections as credit cards. This week’s series of data security hearings on Capitol Hill, an outgrowth of the recent rash of retail data breaches, highlighted the unequal treatment. Not all of the 40 million Target customers who had their debit and credit card numbers stolen during the holidays can rest easy about their liability for fraudulent charges, Ed Mierzwinski of the U.S. Public Interest Research Group pointed out to lawmakers.[...]

> Keep Reading
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.

> Keep Reading
Blog Post | Financial Reform

CFPB Gets Results for Consumers In December | Ed Mierzwinski

It's been a good month for consumers and a bad month for corporate crime, as the CFPB continued to hold financial firms accountable for unfair marketplace practices. Let's hope that in the New Year, banks and other financial companies get the message that cheating their customers is a bad business model.

> Keep Reading
Media Hit | Financial Reform

Target Says 40 million credit, debt cards may have been compromised...

Hackers gained access to as many as 40 million credit and debit cards used by customers of Target during the height of the holiday shopping season, the company reported Thursday, in one of the biggest data breaches in history. [ALSO SEE LINK AT END OF CLIP TO U.S. PIRG NEWS RELEASE WITH CONSUMER TIPS.]

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

Groups Offer Consumer Tips After Target Data Breach

We joined other leading groups to issue consumer tips after the big retailer Target had 40 million credit and debit card numbers stolen. Our main message: Don't panic. Don't pay for over-priced credit monitoring. Do check your checking and credit card accounts regularly and get your free credit reports provided by law.

> Keep Reading

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News Release | U.S. PIRG

Today, U.S. PIRG joined leading consumer, privacy and civil rights groups to issue a Privacy Protection and Digital Rights Framework that must form the basis of any new federal privacy law. The release comes as a phalanx of big tech firms and their allies is urging Congress to instead enact a new law that serves them, but preempts stronger state laws and allows all current intrusive industry data collection, sharing and surveillance practices to continue unfettered by any aspect of consumer control or rights.

Blog Post

As the year 2018 came to an end, U.S. PIRG, Americans for Financial Reform and AFR members filed the last in in a seemingly interminable series of Consumer Financial Protection Bureau Requests for Information. Although there was no clear intent to this "Data Collection" RFI, we, and allied academic scholars who filed a separate comment, both inferred it as another opportunity for industry opponents of the CFPB to attack the Bureau's consumer protection mission -- this time by challenging its collection and use of data to evaluate and respond to financial marketplace problems that harm consumers. 

Report | U.S. PIRG Education Fund

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.

Blog Post

Today, 7 member groups of the European Consumer Organization (BEUC) asked each of their national Data Protection Authorities to investigate Google Android's smartphone locational data collection practices following an investigative report by the Norwegian Consumer Council (Forbrukerrådet) finding that Google may be in violation of the new European GDPR privacy law. All the groups are members of the U.S. PIRG-backed TransAtlantic Consumer Dialogue, which itself  followed up on the report and EU actions with a letter to the U.S. Federal Trade Commission. Meanwhile, as the Senate prepared for an afternoon FTC oversight hearing today where Facebook may be a focus, we joined leading groups in a separate letter to complain to the FTC about its biased staff report that adopts unsubstantiated industry claims in defense of an FTC call to the administration for weak baseline privacy choices. 

Blog Post

Next year, a highly-anticipated privacy and data rights battle will occur in Congress. Powerful special interests from Google to Facebook are responding to the new European General Data Privacy Regulation (GDPR) by seeking to quash any similar effort to protect U.S. consumers while simultaneously seeking to preempt a new California privacy law before it takes effect in 2020. Will we continue as data collector products, not their customers, or will we gain control over our own financial DNA? The state PIRGs are in this one; guess which side we're on. Today we joined 34 leading groups in issuing shared Privacy Principles.

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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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