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 | US PIRG Education Fund | Public Health, Consumer Protection

FDA finds asbestos in Claire’s makeup sold to children, confirming U.S. PIRG test results

 Nearly a year after a U.S. PIRG Education Fund study showed that U.S.-based retailer Claire’s has been selling makeup contaminated with carcinogenic asbestos, the U.S. Food & Drug Administration (FDA) has confirmed our test results. Both PIRG Education Fund and the FDA found asbestos contamination in some of Claire’s makeup products marketed to children.

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

Investigation of E. Coli outbreak in lettuce reveals need for more protections

The FDA investigation reinforces that our food isn't nearly as safe as it should be. This time, more than 60 people got sick from salads, probably because a company failed to sanitize the water used to grow its romaine lettuce.

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

Questionable lending drives Americans to record auto debt

The amount of money Americans owe on their cars is now at an all-time high -- up 75 percent since the end of 2009. Americans’ rising indebtedness for cars raises concerns about the financial future of millions of households as lenders extend credit to more and more Americans without the ability to repay, according to a new U.S. PIRG report.

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

Driving Into Debt

In much of America, access to a car is all but required to hold a job or lead a full and vibrant life. Generations of car-centric transportation policies – including lavish spending on roads, sprawl-inducing land use policies, and meager support for other modes of transportation – have left millions of Americans fully dependent on cars for daily living.

> Keep Reading
Blog Post | Public Health, Consumer Protection

How safe is our food? Not safe enough, says PIRG Consumer Watchdog team, and it's trending in the wrong direction

Unsafe food recalls in the U.S. are trending the wrong way. From 2013 to 2017, they rose 10 percent overall, and a whopping 83 percent for the most hazardous meat and poultry recalls.

> Keep Reading

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News Release | U.S. PIRG | Consumer Protection

Investigation alleges Facebook violates consumers’ privacy -- and an FTC consent decree against deception

Yesterday, The New York Times published the results of an investigation alleging that Facebook allowed big tech partners including Netflix and Spotify to access users’ personal data -- including private Facebook messages -- and ignored an FTC consent decree requiring users’ consent.

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

U.S. PIRG Education Fund launches ID theft protection week for the holidays

In light of recent, high profile data breaches at Marriott and Quora and a new government report about Equifax’s breach, consumer group U.S. PIRG Education Fund is launching an online campaign to protect consumers as they use their credit and debit cards to travel and buy gifts this holiday season.

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

House Committee report confirms Equifax botched data security and response

Today, the House Oversight and Government Reform Committee released the results of its investigation into the 2017 Equifax data breach. Mike Litt, consumer campaign director for the U.S. PIRG Education Fund, issued the following statement, which includes steps that consumers can take to protect themselves from identity theft.

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

New Report: As Senate confirms Kraninger to head CFPB, state and local authorities can fill the void to protect consumers

Below is a press release for our report showing how states can fill the void in consumer protections at the CFPB, following Kathy Kraninger's confirmation as director this afternoon. 

> Keep Reading
News Release | Consumer Protection

New Guide Helps Consumers Get Great Deals on Refurbished Electronics

This holiday season, you can pay even less than you would on Black Friday for electronics, if you buy them used and refurbished. “Fixed for the Holidays” helps consumers purchase used items with confidence -- detailing what to buy, how to know if you are getting a good deal and where to shop. 

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Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. 

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Report | U.S. PIRG Education Fund | Financial Reform

Ten Reasons Why We Need the Consumer Financial Protection Bureau Now

This report outlines predatory financial practices that hurt consumers and helped collapse the economy, costing us eight million jobs, millions of foreclosed homes and trillions of dollars in lost home and retirement values. It explains these and other emerging problems as “10 Reasons We Need The Consumer Financial Protection Bureau Now.”

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Report | U.S. PIRG Education Fund | Financial Reform

Big Banks, Bigger Fees

Over the last six months, PIRG staff conducted inquiries at 392 bank branches in 21 states and reviewed bank fees online in 12 others.

> Keep Reading
Report | OSPIRG | Consumer Protection

Tricks and Traps

As Oregonians continue to endure the worst economic crisis since the Great Depression, OSPIRG set out to discover what consumers are really paying to maintain basic banking services in Oregon, and what sorts of fees and financial institution policies have the biggest effect on consumers' bottom line. OSPIRG staff and volunteers analyzed 64 checking accounts offered by ten banks and eight credit unions in Portland, Eugene and Ashland.

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

A Public Interest Internet Agenda

A Public Interest Internet Agenda prescribes broadband policy solutions that are tied to the common good and our nation’s prosperity. Connecting our entire nation to the Internet at broadband speed is the key to economic development, improved healthcare and education, energy efficiency, robust democracy and open government.

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Blog Post | Consumer Protection

Six Months Out From Equifax Hack, Are Consumers Any Better Protected? | Mike Litt

Consumers agree: Equifax must be held accountable for its wrongdoing. Yet the Trump administration and Congress still haven’t taken action to do that, or to better protect consumers from identity theft in the future. What are they waiting for?

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Blog Post | Financial Reform

What You Haven’t Heard About that Bad Banking Bill; It Preempts State Identity Theft Reforms | Mike Litt

We're opposing S2155 on the Senate floor this week. The main message against in the media has been that it puts mortgage borrowers at risk of bad loans and racial discrimination. Worse, it puts our economy at risk by removing important bank regulator tools to rein in risky practices by giant and big banks. For that matter, it could even allow risky practices to migrate to community banks. But there's more. The bill's so-called consumer protection provisions intended to offset its rollbacks, including its free credit freeze, aren't that good and preempt stronger state actions.

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Blog Post | Financial Reform

Credit Bureaus Let Wrongdoers Run Amok, Disrupt Mortgage-Seekers | Ed Mierzwinski

In the run-up to the 2006-2007 mortgage bubble that led to the total collapse of our financial system in 2008, the Big 3 credit bureaus sold products known as "trigger lists" that aided sketchy mortgage companies in disrupting consumer transactions. The lists were "credited" with making a bad situation worse. Guess what? Longtime syndicated housing columnist Ken Harney warns: "they're back."

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Blog Post | Financial Reform

Massive Rollback of Dodd-Frank Wall St. Protections Hits Senate Floor, Our Opposition Letter to S2155

We've been working hard to oppose a bill to weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act. You remember, that's the law passed in the wake of the second-biggest financial collapse in our history, caused by Wall Street recklessness. The bill has massive support from both Wall Street and community banks. S2155 is on the Senate floor this week. It has enough Democratic votes to pass, but consumer champions are fighting back. Read our opposition letter.

> Keep Reading
Blog Post | Consumer Protection

Breaking The Cycle Of Debt: Why We Need The Payday Lending Rule | Mike Litt

We call them debt traps for a reason: Payday lending has long led to schemes that literally trap consumers in consecutive loans with obscenely high interest rates.

 

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News Release | U.S. PIRG

The Consumer Financial Protection Bureau announced today it would continue to maintain its public consumer complaint database, and that it also plans to make a number of “enhancements” to the database. These include: providing financial information and details into the complaint process to both better address questions and inform consumers before issuing a complaint; and adding materials to help consumers who seek answers to specific questions from financial companies.

News Release

Statement of Higher Ed Campaign Director Kaitlyn Vitez on the reintroduction of the Overdraft Protection Act, which would improve consumer disclosures and limit excessive fees. 

Blog Post

Were you affected by the Capital One breach, one of the largest thefts of data from any bank to date?

News Release | U.S. PIRG

Google will pay a $170 million penalty to settle claims that YouTube “illegally collected personal information from children without their parents’ consent” through its advertising practices, the Federal Trade Commission announced today.

News Release | U.S. PIRG Education Fund

College is expensive, requiring many students to take out significant loans to afford an education. On top of that, students have to deal with the additional costs of textbooks, computers and other critical supplies. As students head back to school -- or to school for the first time -- U.S. PIRG Education Fund is releasing a money-saving guide to help them cut those additional costs.

Consumer Protection | U.S. PIRG

Campus debit cards cost students over $24 million in fees

Report shows how campus debit cards — along with how they are marketed — are putting students' financial well-being at risk across the country.

 

Consumer Protection | U.S. PIRG

The real price of medications

The results of our investigation of variations in prescription drug prices may surprise you.

 

Consumer Protection | U.S. PIRG

Driving into debt

The hidden costs of risky auto loans to consumers and our communities

 

Consumer Protection

Congressional investigation concludes that Equifax breach was entirely preventable

The worst data breach in history could have been prevented with some basic security measures.

 
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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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