Defend the Consumer Bureau Updates

News Release | U.S. PIRG | Financial Reform

CFPB green-lights predatory payday loans amid COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) finalized a rule Tuesday that guts critical payday lending protections. These protections, including the requirement that lenders check if a customer can repay the high interest rates of payday loans before borrowing, were set to go into effect last year. But the Bureau’s new leadership delayed implementation of the protections and pursued rollbacks of their core provisions.

News Release | U.S. PIRG Education Fund

Denial of auto loan relief leads to spike in consumer complaints

An analysis of consumer complaints published by the Consumer Financial Protection Bureau (CFPB) shows that as millions of Americans remain out of work due to the COVID-19 pandemic, complaints about problems in obtaining auto loan relief are skyrocketing.

News Release | U.S. PIRG | Consumer Protection

Consumer advocates sue CFPB for granting financial services industry illegal influence over consumer protection policy

Representing the National Association of Consumer Advocates (NACA), U.S. Public Interest Research Group (PIRG) and consumer law expert Professor Kathleen Engel, Democracy Forward sued the Consumer Financial Protection Bureau (CFPB) and Director Kathy Kraninger Tuesday for unlawfully creating and operating the Taskforce on Federal Consumer Financial Law in violation of the Federal Advisory Committee Act (FACA).

Consumers right now face unprecedented vulnerability - and they need an unprecedented level of protection, including from the top cop on the financial beat, the CFPB.

News Release | U.S. PIRG | Consumer Tips, Consumer Protection

Statement: U.S. House passes landmark bill to clean up credit bureau mistakes

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

News Release | U.S. PIRG | Consumer Protection

Today is the last day to file a claim against Equifax

Today is the final day that the 147 million consumer-victims of the massive Equifax data breach can file a claim against the credit bureau to get compensation of “up to” $125 each. However, so many consumers have already filed claims that when the compensation fund is divided, victims probably won’t get very much cash. 

News Release | Consumer Protection

Supreme Court agrees to hear case about limits of executive power

The U.S. Supreme Court has agreed to decide whether the Constitution allows the president to fire the director of the Consumer Financial Protection Bureau (CFPB) only for cause.

In a win for consumer protection and transparency in the marketplace, the Consumer Financial Protection Bureau will keep its complaint database public.

News Release | Consumer Protection

Statement: Consumer Financial Protection Bureau agrees to retain consumer complaint database and enhance elements of the key resource

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.

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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