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

Free Cookies-Strings Attached | Ed Mierzwinski

The price consumers pay to access most online content is the tracking of their every click on the World Wide Web by data miners and ad networks. Consumer and privacy advocates are seeking to address such online tracking through Do-Not-Track regulation, which could be considered in the U.S. Senate Commerce Committee soon.

> Keep Reading
News Release | U.S. PIRG and NCLC | Consumer Protection, Financial Reform

New FTC Study Points to Much-Needed Reforms for Credit Reporting Industry

Advocates from the National Consumer Law Center and U.S. PIRG lauded the findings of a Federal Trade Commission study made public today that confirms their own findings that credit reports are riddled with errors. The groups also urged the Senate to confirm a full-term director of the Consumer Financial Protection Bureau (CFPB) to eliminate any uncertainty over the CFPB’s supervisory authority to examine credit bureau operations and order reforms.

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

U.S. PIRG Commends President for Renomination of Richard Cordray to Head CFPB

The CFPB is the nation's first financial regulator with only one job — to protect consumers in the marketplace. The Senate should reject demands by opponents of consumer protection to condition Cordray's approval on the gutting of the agency's authority or on the removal of its independent funding.

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

New Survey Shows Free Checking Widely Available At Small Banks But Banks Still Hiding Fees from Consumers

A survey of hundreds of banks and credit unions in 24 states and the District of Columbia found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the U.S. Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all.

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

Big Banks, Bigger Fees

Over the last six months, state PIRG staff conducted inquiries at 250 bank and 116 credit union branches in 17 states and the District of Columbia and reviewed bank fees online in these and 7 other states. They found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits).

> Keep Reading

Pages

View AllRSS Feed

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.

Support Us

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.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code