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 | Consumer Protection

PIRG Applauds CFPB’s Action Against Experian For Practice That Deceives Consumers

Yesterday, the Consumer Financial Protection Bureau (CFPB) took disciplinary action against the credit bureau Experian and its subsidiaries for claiming the credit scores it marketed and provided to consumers were used to make credit decisions when in fact they were not.

> Keep Reading
Blog Post | Consumer Protection

Student, Veterans, Other Groups Defend Gainful Employment Rule, Other Student Protections To Congress | Chris Lindstrom

We joined The Institute for College Access and Success, the AFL-CIO, Americans for Financial Reform, Consumers Union, Student Veterans of America, Veterans for Common Sense and a total of 53 organizations in a letter to the Congress opposing any effort to delay, roll back, or repeal the Department of Education's gainful employment rule, 'borrower defense' and college accountability rules, or the ban on incentive compensation for encouraging enrollment in for-profit schools.

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

Weakening CFPB Would Allow Credit Bureaus To Run Amok (Again!)

If powerful special interests succeed in weakening the Consumer Financial Protection Bureau, then all its work forcing the  BIg Three credit bureaus to comply with the law may end. For 40 years, these gatekeepers to financial and emploment opportunity ruined millions of lives -- first by making mistakes, then failing to re-investigate and fix them. among its other successes, the CFPB has been reining in the credit bureaus.

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

Guilty Plea By Volkswagen is an Important Step, Jail Time Should Come Next

Statement by Mike Litt, Consumer Program Advocate at U.S. PIRG Education Fund, on today’s guilty plea by Volkswagen in its criminal court case for emission violations.

> Keep Reading
Blog Post | Financial Reform

If the CFPB Is Weakened, Won’t the Credit Bureaus Run Amok (Again?) | Ed Mierzwinski

The CFPB is doing incredible work defending consumers. You may not know how much of that work involves cleaning up the sloppy credit bureaus. Congressional and special interest attacks on the CFPB will slow all or stop all CFPB work. It will let the bureaus run amok, again, placing your credit score and financial opportunity and job prospects at risk.

> Keep Reading

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Media Hit | Financial Reform

Washington Post: Can’t fix error in your credit report? Call Consumer Financial Protection Bureau

"A much-cited study by the National Association of State Public Interest Research Groups found that almost 79 percent of all credit reports had some type of error."

> Keep Reading
Media Hit | Financial Reform

JPMorgan Chase is sued in 2008 Bear Stearns mortgage case

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

As Fall Financial Aid is Disbursed, Senator Issues Urgent Warning to Students Using Campus Debit Cards

Senator Sherrod Brown (OH), Chairman of the Senate Banking Subcommittee on Financial Institution and Consumer Protection, issued an urgent warning to students receiving financial aid in the next two weeks that predatory bank fees can quickly cut into their college money.

> Keep Reading

New York Times: Secret E-Scores Chart Consumers’ Buying Power

Ed Mierzwinski, consumer program director at the United States Public Interest Research Group in Washington, worries that federal laws haven’t kept pace with change in the digital age. “There’s a nontransparent, opaque scoring system that collects information about you to generate a score — and what your score is results in the offers you get on the Internet,” he says. “In most cases, you don’t know who is collecting the information, you don’t know what predictions they have made about you, or the potential for being denied choice or paying too much.”

> Keep Reading

Fox Business: Consumer Watchdog Gives Bite to Dodd-Frank

"The CFPB has been enormously successful in ramping up over its first year," says Ed Mierzwinski, consumer program director at the Federation of State Public Interest Research Groups in Washington, D.C.

> Keep Reading

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Blog Post | Consumer Protection

You can pick your friends, and even your bank, but you're stuck with the reckless credit bureaus | Ed Mierzwinski

You can pick your friends and even your bank but you are stuck with the credit bureaus.  Over the last twenty years the power of the big credit bureaus to act as gatekeepers to consumer success in life has grown immensely. Credit reports and credit scores generated from them are used to decide whether consumers can get a job, get car insurance, qualify to open a bank account, rent an apartment, use a debit card and, of course, whether they can obtain and how much they will pay for credit. The Columbus (OH) Dispatch has an excellent four-part series explaining that the credit bureaus make mistakes, lots of them, and ruin peoples' lives. There is hope, however, since the new Consumer Financial Protection Bureau has new tools to rein in the bureaus.

> Keep Reading
Blog Post | Consumer Protection

Consumer Reports magazine issues Facebook privacy tips | Ed Mierzwinski

The cover story of the June 2012 Consumer Reports is all about protecting your privacy on Facebook. Worth a read.

> Keep Reading
Blog Post | Financial Reform

New York Times is running a bank fees debate, seeks comments | Ed Mierzwinski

Over at the New York Times, you can join a debate on bank fees. Meanwhile, the CFPB has extended its comment period seeking your views on overdraft fees until June 29.

> Keep Reading
Blog Post | Consumer Protection

CFPB takes first step to eliminate forced arbitration and other consumer news | Ed Mierzwinski

Today the Consumer Financial Protection Bureau took an important first step toward protecting consumers from mandatory arbitration clauses, which are boilerplate sentences in bank account and other contracts that crush consumer legal rights. ... Meanwhile, the New York Times follows up on a lawsuit by the Minnesota Attorney General Lori Swanson against a medical debt collector that blocks and tackles consumers trying to get through hospital emergency room doors. But it gets better. That debt collector just happens to be owned by the same hedge fund that owned a supposedly neutral (not) forced arbitration mill known as NAF and favored by the big credit card companies.   ...  Also today, the World Privacy Forum announced updates to its helpful pages on medical identity theft.

> Keep Reading
Blog Post | Consumer Protection

CFPB Launches College Cost Tool; Its Investigations of Overdraft Fees and Auto Finance Escalate | Ed Mierzwinski

The Consumer Financial Protection Bureau (CFPB) has announced a "thought starter" beta test version of a tool to make it easier to calculate college debt burdens. "The goal is to give students and their families an easy-to-understand view of how their decisions today impact your debt burden after graduation."  Meanwhile, banks and an auto finance company have confirmed that the CFPB is investigating both the marketing of overdraft protection schemes and the practices of "buy here, pay here" auto dealers.

> Keep Reading

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Blog Post

Johnson & Johnson will end the sale of talc-based baby powders--which can be contaminated with asbestos--in the United States and Canada. That’s a big win for consumers, but it’s not enough.

News Release | U.S. PIRG

As the House considers the next coronavirus funding bill, the Heroes Act, an analysis by U.S. PIRG of recent complaints to the U.S. Consumer Financial Protection Bureau (CFPB) shows an alarming need for Congressional action to protect consumers from the pandemic’s repercussions.

News Release | U.S. PIRG

Consumer Reports, U.S. PIRG and a consumer-turned-activist delivered nearly 250,000 petition signatures today to the airlines calling on them to provide full refunds when passengers cancel their flights because of concerns about the coronavirus.

Blog Post

If you’re like me, you’re spending a lot more time cleaning while sheltering in place. My increased time at home cooking, working, and playing with my children makes a lot of mess! I am also cleaning more as a way to reduce the risk of exposure to COVID-19. I enjoy my cleaning routine; in a day full of zoom calls and wrangling small children, it’s nice to take a break to listen to the radio or music while I wipe down the counters or sweep the floor. 

News Release | U.S. PIRG Education Fund

U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.

Consumer Protection

Record volume of CFPB complaints encapsulates why Americans need greater financial protection

A U.S. PIRG report finds that complaints filed with the Consumer Financial Protection Bureau reached record numbers in April. Credit reporting complaints, which historically top the list, increased by more than 20,000.

 

Consumer Protection

Rich Cordray offers expert consumer tips with U.S. PIRG advocates via Zoom

During an online panel organized by U.S. PIRG, former CFPB Director Rich Cordray warned that this difficult time will likely last longer than most believe, and that consumers need protections such as mortgage relief and a halt on evictions for nonpayment of rent in order to weather it.

 

Consumer Protection

Suppliers are gouging health care providers. 100-plus mayors are calling for federal action.

More than 100 mayors and county executives joined U.S. PIRG in sending a letter to the Trump administration urging the federal government to invoke the Defense Production Act to increase production of critical medical supplies, and to establish a system to distribute those supplies to front line workers.

 

Consumer Protection

Data breach may have exposed personal data of 5.2 million Marriott guests

On March 31, Marriott disclosed its second data breach in 16 months, this time related to its loyalty app. The hack exposed the personal data of 5.2 million guests, putting them at risk of phishing schemes.

 
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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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