Blog Posts By:

Ed Mierzwinski,
Senior Director, Federal Consumer Program

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

Last week, the U.S. Treasury Department came out with a report mandated by a Presidential executive order. As feared, the report is a Wall Street wish list, with a few crumbs thrown to small banks. The CFPB and investor protections are left in ruins.

UPDATED: Added House Floor Letter Opposing HR 10, Wrong Choice Act, Link:

Yesterday we released a report showing how the CFPB works to protect servicemembers, veterans and their families from financial predators that “line up outside our military bases like bears on a trout stream.” Today the House begins floor debate on the so-called Financial Choice Act. This Wrong Choice Act, incredibly, turns the CFPB into an unrecognizable husk incapable of protecting anyone, including servicemembers.

Cross-post of a blog from Illinois PIRG director Abe Scarr on yesterday's State Senate victory on Internet privacy. The measure heads to the state House.  Just a few short weeks ago, the U.S. FCC supported successful Congressional efforts to repeal its own broadband rules. Illinois is among numerous states now taking the lead to restore privacy rights, after the FTC, the FCC and the Congress have supported efforts by Big Tech, cable and telephone lobbyists  to take them away. Of course, those lobbyists are now besieging state capitols, but this time, consumer protection prevailed.

Today the House Financial Services Committee takes up the so-called Financial Choice Act, which we call the Wrong Choice Act, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and leave the CFPB an unrecognizable husk incapable of protecting consumers. Some 52 state bank associations urged support of the bill, based on a "cook-the-history-books" analysis of bank consolidation, which has not increased since 2010, even though they make the claim based on preposterous math.

UPDATED 4/25 with link to our letter to Congress. This week, on Wednesday 4/26, the House FInancial Services Committee holds a hearing on Chairman Jeb Hensarling's Financial Choice Act 2.0. It's a brutal un-do of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that forgets, or ignores, the historical fact that reckless bank practices abetted by loose regulators wrecked our economy in 2008. A key goal of the proposal is to weaken the successful CFPB into an unrecognizable husk incapable of protecting consumers.

You may have heard that Congress just voted to take away many of your online broadband privacy protections. After a little background, we will give you some tips on how to protect what’s left.

The PIRG-backed TransAtlantic Consumer Dialogue (tacd.org) -- a forum to ensure that trade policies serve consumers -- holds its 17th Annual Meeting in Washington on Tuesday 21 March. The public main event is titled: "A consumer agenda for transatlantic markets: safeguarding protections and making progress in times of political change." On Wednesday, the group sponsors two public side events: (1) Consumer Health, Consumer Action and Antimicrobial Resistance and (2) Empowering and Protecting Youth in the Big Data Era.