Financial Reform

CFPB Slams Big 3 Credit Bureaus for Excuses, “Deficiencies” and Failures

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

A major new CFPB report assails the Big 3 credit bureaus for a series of excuses, “deficiencies” and failures. CFPB found that “Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.” Wow.

Cover graphic “Epic Fail” by Dunk via Flickr, some rights reserved.

Judge Blocks Sackler Plan to Take Opioid Money and Run

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Last week U.S. district court judge Colleen McMahon disrupted a bankruptcy judge’s approval of a Sackler plan to hide most of the family’s billions as part of the corporate bankruptcy of opioid manufacturer Purdue Pharma, a firm controlled by the family. We support the draft Sackler Act, which would expressly prohibit such a scheme by non-debtors.

Cover graphic above by Mike Licht via Flickr; Some rights reserved.

We win favorable settlement in our lawsuit over Trump CFPB's illegal "Task Farce"

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

This week, we favorably settled our lawsuit over the Trump CFPB's creation of an illegal "TaskForce on Federal Consumer Financial Law." We called it a dangerous "Task Farce" from the get-go. We're happy that the Biden CFPB has returned the Consumer Bureau to its one job: protecting consumers. Cue fireworks! 

Cover photo of "DC Fireworks" by Stan Mouser via Flickr. Some Rights Reserved. 

News Release | U.S. PIRG | Financial Reform

In Response to Suit, CFPB Concedes It Created and Operated Trump-Era Taskforce in Violation of Federal Transparency Law

Coalition press release announcing favorable court-approved settlement reached with the Biden CFPB over Trump CFPB's creation of an illegal TaskForce on Federal Consumer Financial Law.  

The CFPB Wants Your Help Investigating BigTech Payment Apps

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The CFPB has asked BigTech giants including Amazon, Apple, Facebook, Google, PayPal, and Square to answer questions about their payment system practices. The CFPB has also asked consumers, small businesses and others for comments (including complaints), which are due on December 6. Learn more.

Graphic from the Internet Archive Wayback Machine's first crawl of the new CFPB's new website, February 8, 2011.

Should you buy now and pay later?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Today, the Task Force on Financial Technology of the House Financial Services Committee holds a hearing titled “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” Learn more.

Image of hand and smartphone "Sezzle" courtesy The Focal Project via Flickr, some rights reserved.

CFPB's Chopra Seeks To Increase Competition in Consumer Markets

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In testimony this morning before the House and tomorrow morning before the Senate, newly-confirmed Consumer Financial Protection Bureau (CFPB) director Rohit Chopra will lay out his vision for the federal financial agency with just one job, protecting consumers.

Broadband is the "new electricity"

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The House should pass the bipartisan infrastructure bill on the House floor this week. Among other provisions, it allocates $65 billion to make fast broadband more available -- especially in rural and tribal areas -- and more affordable. That total includes about $14 billion to subsidize access and about $42 billion to deploy broadband. Also, broadband providers would be required to use a new pricing label based on the easy-to-read FDA nutrition labels.

Photo of "Rural Broadband Buildout Project" by Maryland GovPics, via Flickr, some rights reserved.

Efforts continue to make climate change a financial regulatory priority

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Half the country faces fire and wind, the other half wind, rain and flood. Despite nay-saying from some members of Congress, the Biden administration's financial regulators continue to make the global climate change crisis a financial regulatory priority. 

Cover graphic by Ron Mader via Flickr, some rights reserved.

News Release | U.S. PIRG | Financial Reform

Consumer Advocates Urge Court to Block Use of Findings of Unlawful Trump-Era CFPB Taskforce

Democracy Forward, the attorneys for U.S. PIRG, the National Association of Consumer Advocates and Professor Kathleen Engel, filed a motion for summary judgement Friday in U.S. Court in our lawsuit against the Trump-era CFPB's so-called Taskforce on Federal Consumer Financial Law.

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