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

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.

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

Overdrafts continue to hit students hard on campus

Today, the Consumer Financial Protection Bureau (CFPB) released a report shining a spotlight on contracts between banks and colleges to promote debit cards on campus.  Students continue to get hit hard with overdraft fees attached to their campus bank accounts. According to the report, nearly one in ten consumers in the population with student accounts incurred 10 or more  overdrafts per year, paying, on average, $196 in overdraft fees alone. Below is a detailed analysis by US. PIRG's Chris Lindstrom, who championed the protections that the CFPB is reporting on. This report is one more example of why we need a strong CFPB. 

> Keep Reading
Blog Post | Public Health, Consumer Protection

EPA Proposes First Federal Toxic Chemical Ban in Decades to Close out 2016 | Anna Low-Beer

Earlier this year, the Environmental Protection Agency was granted increased authority to regulate chemicals on the market. Under an updated federal toxics law, the EPA must review 10 chemicals currently on the market for safety, and they’ve already gotten started. This week, after naming the first 10 chemicals it will review, the EPA proposed the first federal toxic chemical ban in 27 years. That’s a big deal.

> Keep Reading
Blog Post | Consumer Protection

Fight Against Unfair ATM Surcharge Fees Heads to the U.S. Supreme Court (UPDATED) | Michael Landis

UPDATE: I recently wrote about an amicus brief that U.S. PIRG Education Fund filed in support of consumers and independent ATM owners in two consolidated cases pending before the U.S. Supreme Court. Well, those cases aren’t pending anymore. On November 17, 2016, the Court issued a rare order throwing out the cases before they were argued.

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

Consumer Advocates Concerned By Court Ruling Overturning Ban on High-Powered Magnets

We've joined leading consumer and pediatrician organizations in a joint news release with a sharp critique of a U.S. appellate court decision overturning a U.S. Consumer Product Safety Commission ban on the sale of high-powered small magnets (some as small as BBs) that pose a severe ingestion problem for children and youth. As our Trouble In Toyland report released on November 22 pointed out: "Nearly 80 percent of high-powered magnet ingestions require invasive medical intervention, either through an endoscopy, surgery, or both. In comparison, only 10 to 20 percent of other foreign body ingestions require endoscopic intervention and almost none require surgery."

> Keep Reading

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Blog Post | Financial Reform

Today, CFPB to announce overdraft fee investigation, unveil "penalty box" disclosure, possibly end $39 lattes. | Ed Mierzwinski

At a news conference in NYC today, Director Richard Cordray of the new Consumer Financial Protection Bureau (CFPB) will announce a major investigation of bank overdraft fee practices and propose a model "penalty box" disclosure to appear on bank statements. The investigation could end the $39 latte-- $4 bucks for the coffee, $35 for the debit card overdraft fee.

> Keep Reading
Blog Post | Financial Reform

Consumer news update, some stories I've been following | Ed Mierzwinski

Just a summary of some of what I think are the important consumer news stories of the last week or so, in case you missed any of them.

> Keep Reading
Blog Post | Consumer Protection

Rep. Keith Ellison: Opposing the CFPB is "nonsense" | Ed Mierzwinski

In less than two minutes, U.S. Rep. Keith Ellison gives a detailed history of the financial crisis and an impassioned defense of the CFPB, calling claims of its Congressional detractors "nonsense." Youtube excerpt from his opening statement at yesterday's House Financial Services Committee's oversight subcommittee hearing on the Consumer Financial Protection Bureau's budget. Ellison: "If your business model is not about bilking consumers,  you have nothing to worry about from the CFPB. But..."

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Blog Post | Consumer Protection

CFPB's Cordray testifies today in House FSC | Ed Mierzwinski

Consumer Financial Protection Bureau director Rich Cordray -- recess appointed by the president on January 4, continues his regular appearances before the Congress by testifying on the CFPB's budget (his written testimony (88 pages))  today before the House Financial Services Committee's oversight subcommittee at 10am Eastern. It should be webcast live at that link. Nearly all majority members of FSC oppose the CFPB's independent budget, even though all other bank regulators also have an independent budget, so we will see how it goes today.

> Keep Reading
Blog Post | Financial Reform

We Tell the Financial Regulators: Don’t Let Big Banks Make Taxpayer-Backed Bets | Ed Mierzwinski

Last night, U.S. PIRG and the AFL-CIO joined Americans for Financial Reform in a detailed comment letter urging issuance of a strong Volcker rule. It's a 72-page pdf comment letter that basically comes down to this: We tell the financial regulators: don’t let big banks make taxpayer-backed bets.

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Report | U.S. PIRG Education Fund

Our research found the majority of grocery stores fail to warn the public about hazardous food recalls. While they collect significant information about Americans shopping habits to sell us more food, they aren't doing enough to use that information to protect the public health.

News Release | U.S. PIRG Education Fund

Americans are not hearing about food recalls, and that communication breakdown is having serious repercussions for public health. A new report finds that most grocery stores -- which should be one of the best places to learn about recalls -- don’t make it easy for consumers to uncover this information.

News Release | U.S. PIRG

Congress must hold companies accountable for failing to protect condumers' confidential information.

News Release | U.S. PIRG

An investigation into EvenFlo's booster seat safety testing for side-impact collisions has emphasized the need for stronger car seat safety regulations.

News Release | U.S. PIRG

The U.S. House of Representatives today passed the Comprehensive CREDIT (Credit Reporting Enhancement, Disclosure, Innovation, and Transparency) Act of 2020 (HR3621).

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.

 

Consumer Protection

The Trump administration's Consumer Bureau just appointed a task "farce" on consumer law

The Trump administration's Consumer Financial Protection Bureau just appointed a new task force on consumer law — but according to senior director of PIRG's federal consumer program, Ed Mierzwinski, this task force isn't set up to be on the side of consumers. "It is a task farce," he said.

 
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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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