Defend the Consumer Bureau

Our Consumer Cop On the Financial Beat

You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you're trusting with your financial future. That’s why we need strong consumer protections on Wall Street.

The 2008 economic collapse made it even more clear that Americans need a watchdog agency devoted to creating and enforcing fair, clear and transparent rules to protect consumers in the financial marketplace. So in 2010, we helped create the Consumer Financial Protection Bureau (CFPB) to be our watchdog on Wall Street. But now, the Trump administration and Wall Street's allies in Congress are looking to weaken or eliminate the Consumer Bureau. We can't let that happen.

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, it's been a huge success 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: 

In 2015, 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 more than half a million Americans.
When Wells Fargo employees were caught opening unauthorized debit and credit accounts using their customer's information, the CFPB fined Wells Fargo $100 million for fraud. 
The CFPB fined Equifax andTransUnion — 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 consumers 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. The idea that consumers deserve protection against fraud and other misleading practices shouldn't be controversial.

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. 

Senators: Keep our Watchdog on Wall Street

We can keep our consumer cop on the financial beat — but only if we can convince enough senators to stand up and defend the Consumer Bureau, 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 Consumer Bureau to exist: We need to make it even better, by strengthening commonsense consumer protections, spreading the word about its success and potential, and defending it from constant attacks from Wall Street.   

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.  

Check out our Reports about the CFPB

In the years since the Consumer Bureau was created, we've worked alongside Frontier Group to research and review the CFPB's Consumer Complaint Database to publish a series of reports documenting the problems consumers are facing in the financial marketplace, how the Consumer Bureau is helping to resolve these issues, and what steps should be taken to ensure consumers are protected. Click through to learn more about each of these reports: 

Medical Debt Malpractice
Big Banks, Big Overdraft Fees
Predatory Loans & Predatory Loan Complaints
Mortgages and Mortgage Complaints
Debt Collectors, Debt Complaints
Credit Cards, Consumer Complaints
Big Credit Bureaus, Big Mistakes

Private Loans, Public Complaints
Big Banks, Big Complaints

Issue updates

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

U.S. PIRG Education Fund files amicus brief in Consumer Financial Protection Bureau case before Supreme Court

Ahead of a U.S. Supreme Court oral argument scheduled for March 3, 2020, U.S. PIRG Education Fund and several other consumer advocacy groups filed an amicus brief today in Seila Law LLC v. Consumer Financial Protection Bureau. The brief argues that long-established principles and Supreme Court precedent support the constitutionality of the CFPB’s leadership structure. The brief also highlights that Congress purposefully created an independent bureau focused on consumer financial protection to avoid a repeat of the 2008 financial crisis.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection, Food

New report: Meat recalls remain high; produce and processed food recalls drop

Contaminated food, from Tyson's chicken strips containing chunks of metal to E. coli-laden romaine lettuce, posed a serious danger to Americans’ health in 2019. U.S. PIRG Education Fund How Safe Is Our Food? report found recalls for produce and processed food have fallen 34 percent since 2016, but meat and poultry recalls are up 65 percent since 2013. 

> Keep Reading
Blog Post | Financial Reform

U.S. PIRG and Leading Groups Support Findings of Norwegian Privacy Report | Ed Mierzwinski

In support of a report by colleagues from the Norwegian Consumer Council on whether the data sharing and privacy practices of a number of dating and other smartphone apps were in compliance with European privacy rules (GDPR) or the new California Consumer Privacy Act (CCPA), U.S. PIRG and other leading groups sent joint letters to key policymakers, including the California, Oregon and TexaS Attorneys General, the Federal Trade Commission and all members of the U.S. House and Senate. 

> Keep Reading
Blog Post | Financial Reform

CFPB Appoints Task "Farce" On Consumer Law | Ed Mierzwinski

Last week, CFPB Director Kathy Kraninger appointed four lawyers and professors to a "Taskforce on Federal Consumer Law." To my knowledge, none have worked for consumer protection organizations yet all have worked as industry consultants or been aligned with industry views, although all have previous government experience. I am aware of several distinguished professors with CFPB experience who were rejected. Incredibly, the announcement of this better-described "Task Farce" claimed inspiration from a distinguished bi-partisan commission established by the Consumer Credit Protection Act in 1968." 

> Keep Reading
News Release | U.S. PIRG | Consumer Protection

Critical Product Safety Legislation Introduced in House by Representative Rush

U.S. Rep. Bobby Rush releases legislation to increase transparency around important product injury and death data. 

> Keep Reading

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

Deadly infant products sold after recalls at T.J. Maxx, Marshalls, HomeGoods

The U.S. Consumer Product Safety Commission (CPSC) announced today that discount stores T.J. Maxx, Marshalls and HomeGoods sold 19 different recalled products to consumers between 2014 and 2019. In the case of five products, the stores’ parent company TJX initiated the recall. The products included the Rock ‘N Play and Kids II inclined infant sleepers, which are responsible for a number of fatalities, rattles that can break and pose a choking hazard, and electronics that overheat or explode. 

> Keep Reading
News Release | Consumer Protection

U.S. PIRG applauds federal legislation designed to strengthen online privacy rights

A group of U.S. senators on the Commerce Committee, led by Sen. Maria Cantwell (WA), have introduced comprehensive federal online privacy legislation. The bill establishes strong consumer privacy rights, outlaws deceptive practices, improves data security safeguards and preserves stronger state laws.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

New government data & U.S. PIRG investigation reveal unsafe toys impact on kids

Toys sent an estimated 226,000 kids went to the emergency room in 2018. A PIRG Consumer Watchdog report identifies some of the dangerous toys for sale and how to keep kids safe.

> Keep Reading
News Release | U.S. PIRG | Public Health, Consumer Protection, Safe Energy

Fighting for a brighter future: Lawsuit seeks to stop rollback of federal energy-efficient light bulb standards

A coalition of environmental groups filed a lawsuit today to challenge a U.S. Department of Energy rule rolling back light bulb efficiency standards.

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Protecting Those Who Serve

This report, the tenth in our series on the CFPB's Public Consumer Complaint Database, is called "Protecting Those Who Serve." It is an analysis of more than 44,000 consumer complaints from active-duty servicemembers, veterans and their families. The report also explains the work the CFPB and its Office of Servicemember Affairs does to protect military families in the financial marketplace. Debt problems also are a leading cause of revoking secuirty clearances, which affects military preparedness.

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

Medical Debt Malpractice

Millions of Americans are contacted by debt collectors every year over debt related to medical expenses. "Medical Debt Malpractice" is the latest (9th) in our series based on analysis of complaints in the Consumer Financial Protection Bureau's public complaint database. The report demonstrates that the CFPB is a critical agency protecting consumers against unfair financial practices and needs to be defended against special interest attacks.

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

Student, Education, and Consumer Groups Defend CFPB To Congress

On February 13, nearly 60 local, state and national student advocacy, professional, consumer, educational, faith and other organizations sent a letter to Congressional leaders expressing "strong support for the crucial work the Consumer Financial Protection Bureau (CFPB) does on behalf of student loan borrowers." The "borrower-focused" letter also urged Congress "to ensure the agency remains well-positioned to solve borrowers’ problems, which includes protecting the Bureau’s single-Director structure and its independent funding, and maintaining Director Richard Cordray until his term ends."

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

PIRG, Consumer Advocates Join Fight to Protect CFPB in Court

Here is a copy of the motion filed today by U.S. PIRG and other groups in the DC Circuit, U.S. Court of Appeals, seeking to intervene in defense of the CFPB in the case PHH vs. CFPB. 

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Report | U.S. PIRG Education Fund and Frontier Group | Financial Reform

Big Banks, Big Overdraft Fees

Overdraft fees are a major source of consumer pain, since they are borne disproportionately by Americans with few financial resources. Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and NSF fees, an increase of 3.6 percent over the same period in 2015. American consumers should look to the Consumer Financial Protection Bureau (CFPB), which has already enforced overdraft regulations and returned millions of dollars to consumers, to take new action to prevent unfair overdraft fees.

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Blog Post | Consumer Protection

State PIRGs go to Washington for Consumer Lobby Day

Members of Congress hear repeatedly from lobbyists for corporate special interests in their offices and at fundraisers. How can consumer advocates balance the scales?

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Blog Post | Consumer Protection

Congressional testimony underscores how predatory auto loans are driving Americans into debt

In most of the country, owning a car is all but required. And we're paying for it—to the tune of $1.2 trillion. This is putting the financial well-being of millions of Americans at risk, and U.S. PIRG and our national network are calling for change.

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Blog Post | Financial Reform

State PIRGs Join National Consumer Lobby Day At Congress | Ed Mierzwinski

State PIRG staff from around the country joined over 120 consumer advocates at the third annual Consumer Lobby Day today. Meetings with members of Congress and their staffs focused on protecting the Consumer Financial Protection Bureau's structure and funding while also opposing its current leadership's attack on a payday lending regulation drafted by its past director and his team.

> Keep Reading
Blog Post | Consumer Protection

U.S. PIRG Consumer Campaign Director Testifies at Congressional Hearing on Data Security | Mike Litt

U.S. PIRG's Consumer Campaign Director, Mike Litt, was invited to testify at a Congressional hearing yesterday about improving data security at the credit bureaus. Here are his opening remarks. 

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Blog Post | Financial Reform

CFPB's Kraninger Provides Opaque Statement To Committee; Questions and Second Panel Will Be Critical | Ed Mierzwinski

Today, new CFPB director Kathy Kraninger testifies to Congress for the first time. The House Financial Services Committee will need to drill down with tough questions. Why? Kraninger's written pre-filed statement reads like an answer to a warped question from old television's Sergeant Joe Friday: "Just the irrelevant, off-point facts, ma'am." The committee should also look to the cogent testimony of consumer, civil rights, military family and student advocates also appearing today.

> Keep Reading

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News Release | U.S. PIRG

Marriott, the world’s largest hotel chain in terms of guest rooms, disclosed Tuesday that up to 5.2 million customers were impacted by a security breach related to the company’s loyalty app.

News Release | U.S. PIRG Education Fund

A bipartisan group of attorneys general from 33 states, led by Pennsylvania Attorney General Josh Shapiro, are calling on the country’s top online marketplaces to crack down on price gouging amidst the novel coronavirus (COVID-19) outbreak. In a letter, the group urged the companies -- Amazon, Craigslist, eBay, Facebook and Walmart -- to quickly implement preventative measures on their platforms to ensure that consumers don’t get taken advantage of during this public health crisis.

News Release | U.S. PIRG Education Fund

As the Coronvirus outbreak became more widespread, the price of most of the sanitizers and masks rose at least 50 percent higher than the 90-day average. Even one in six products sold directly by Amazon saw prices rise at least 50 percent higher in February

Blog Post

The CFPB's first director, Rich Cordray, has published a book, "Watchdog," explaining efforts to set up and run the Consumer Financial Protection Bureau. I recommend reading the book! The new agency was established as part of the Wall Street Reform and Consumer Protection Act of 2010, enacted after light regulation of reckless Wall Street bank practices led to the financial collapse of 2008 and the ensuing Great Recession. Under Cordray's tenure, the CFPB returned over $12 Billion to over 31 million consumers harmed by big banks, payday lenders, for-profit schools, debt collectors and credit bureaus. 

Consumer Protection

Food recall failure

Most grocery store chains are not warning their customers about dangerous food recalls. Find out if your store makes the grade.

 

Consumer Protection

More than 165,000 life-threatening infant sleepers recalled

The U.S. Consumer Product Safety Commission (CPSC) announced on Jan. 29 that four companies have issued recalls for more than 165,000 inclined infant sleepers, which fail to meet the safe sleep guidelines recommended by the American Academy of Pediatrics. The CPSC's recall is an important step forward — we're continuing to urge manufacturers to stop producing these sleepers for good.

 

Consumer Protection

How safe is our food?

From chicken with chunks of metal to romaine lettuce with E. coli, our new report shows contaminated food continues to threaten the health of millions of Americans.

 

Consumer Protection

New federal bill will make it easier for consumers to know about unsafe, even deadly products

If you had a product in your home that the government knew could cause injury or death, you'd expect the government to warn you, right? Surprisingly, that's not the case for the Consumer Product Safety Commission. The "Safety Hazard and Recall Efficiency Information Act" seeks to change that.

 
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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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