Reining in Wall Street

STANDING UP FOR CONSUMERS IN THE FINANCIAL MARKETPLACE—For more than 20 years, Consumer Program Director Ed Mierzwinski has helped us stand up against big banks and credit card companies.

A Consumer Cop On the Financial Beat

You work hard for your money. You should be able to save, invest and generally manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future. And from the 2008 economic collapse, we know how big of an impact those institutions can have on our economy when they play fast and loose with our money. 

Since 2009, the solution has been clear. We need to have fair, clear, transparent and enforceable rules that protect consumers in the financial marketplace. Now, we know we can get there through the work of an agency that has those principles at the core of its mission — the Consumer Financial Protection Bureau.   

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, we’ve already seen their financial oversight return nearly $12 billion to consumers … in just five 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:


When American Honda Finance used discriminatory pricing to rip off African-American, Hispanic, and Asia/ Pacific Island borrowers who paid too much for car loans, the CFPB returned $24 million to these consumers.


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 over half a million Americans.


When it was discovered that Wells Fargo employees were 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 harmed by the deception.

But the CFPB doesn't just help consumers get their money back, it levels the financial playing field. The CFPB has several specialized departments for veterans, senior citizens, new homeowners, college students, and low-income consumers that seek to educate the public on how to stay safe and provide them with the tools they need to keep their finances secure.

Tell Your Senators: Stand Up For Consumers

Almost every day we hear about some new way of tricking, trapping and ripping off consumers. And despite the fact that tricks like these led directly to the 2008 financial collapse, some Wall Street banks are spending upwards of a million dollars every day to roll back the rules and the CFPB — the very agency that was created to keep them in check. Now, many legislators in Washington want to defund or destroy the CFPB.

Effective consumer protections aren't some sort of luxury we can't afford — they're hallmarks of a great country. As founders and leaders of the movement to create and protect the CFPB, we're working to make sure that our success not only sticks, but that we can build upon it.

Issue updates

News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

> Keep Reading
Blog Post | Financial Reform

Should we fire the Big 3 credit bureaus? | Ed Mierzwinski

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

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

Federal regulators, states file antitrust lawsuits against Facebook

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

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

CFPB Approves Modified Final Debt Collection Rule

On Friday, the CFPB released a modified final version of its Debt Collection Rule, although it delayed action until December on one of its most controversial provisions, allowing collection of  time-barred zombie debt. A statement by Consumer Program Associate Lucy Baker follows.

> Keep Reading
Blog Post | Financial Reform

Voters support strong CFPB, strong protections against Wall Street, payday lenders | Ed Mierzwinski

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

> Keep Reading

Pages

News Release | U.S. PIRG | Financial Reform

Historic legislation to prevent predatory loans passes Illinois General Assembly

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

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

Federal regulators, states file antitrust lawsuits against Facebook

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

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

CFPB Approves Modified Final Debt Collection Rule

On Friday, the CFPB released a modified final version of its Debt Collection Rule, although it delayed action until December on one of its most controversial provisions, allowing collection of  time-barred zombie debt. A statement by Consumer Program Associate Lucy Baker follows.

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

CFPB Director: Stop Letting Industry Violate the Fair Credit Reporting Act

We've joined the National Consumer Law Center in a news release describing a letter from 21 consumer and faith groups urging her to revoke permission to the credit reporting industry to violate consumer protections. 

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

Americans need stronger consumer protections during COVID-19 crisis

U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.

> Keep Reading

Pages

President Appoints "America's Consumer Watchdog"

CoPIRG applauds President Obama for standing up for consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Putting Consumers First

U.S. PIRG Education Fund, the Student Borrower Protection Center and Consumer Action have released a report recommending that  CFPB should use the full extent of its authority to take immediate action to strengthen its consumer complaint tool, hold companies accountable for providing complete and timely responses to consumers, and leverage consumer complaints related to the pandemic to support oversight and regulatory action to protect consumers.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Debt Collectors

Report: Our latest report based on the CFPB's public Consumer Complaint database reviews the most-complained about debt collectors. Funny, a new CFPB complaint "snapshot" does not. The report comes as the CFPB's acting director threatens to make the database non-public. If the CFPB both shuts down the public database and continues to issue industry-friendly reports that don’t give out any real information, the public and marketplace harm is even greater.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Shining A Light on Consumer Problems:

Our report, Shining A Light on Consumer Problems: The Case for Public Access to the CFPB’s Financial Complaints Database, details why it is important that the highly successful Consumer Financial Protection Bureau database of over one million consumer complaints remain open to the public, so consumers, researchers and others can study the financial marketplace.

> Keep Reading
Report | U.S. PIRG | Financial Reform

Student, Education, and Consumer Groups Defend CFPB To Congress

On February 13, nearly 60 local, state and national student advocacy, professional, consumer, educational, faith and other organizations sent a letter to Congressional leaders expressing "strong support for the crucial work the Consumer Financial Protection Bureau (CFPB) does on behalf of student loan borrowers." The "borrower-focused" letter also urged Congress "to ensure the agency remains well-positioned to solve borrowers’ problems, which includes protecting the Bureau’s single-Director structure and its independent funding, and maintaining Director Richard Cordray until his term ends."

> Keep Reading
Report | CoPIRG Foundation | Financial Reform

Big Banks, Big Complaints

This report is the first of several that will review complaints to the CFPB nationally and on a state-by-state basis. In this report we explore consumer complaints about bank accounts and services with the aim of uncovering patterns in the problems consumers are experiencing with their banks.

> Keep Reading

Pages

Blog Post | Financial Reform

Should we fire the Big 3 credit bureaus? | Ed Mierzwinski

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

> Keep Reading
Blog Post | Financial Reform

Voters support strong CFPB, strong protections against Wall Street, payday lenders | Ed Mierzwinski

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

> Keep Reading
Blog Post | Financial Reform

A chance to build team "Colorado Consumer Protection" - FTC Commissioner Chopra and Attorney General Weiser connect with Colorado consumer advocates | Danny Katz

At a joint listening session between the Federal Trade Commission and the Colorado Attorney General’s office, I recruited a team of consumer advocates to raise issues from fraud and price gouging to abusive predatory products and debt collection. One theme that stands out - we’ve got a lot of talented players in Colorado working to protect consumers, but we’re not yet playing as part of a larger “Colorado Consumer Protection” team.

> Keep Reading
Blog Post | Financial Reform

Allowing lenders to bypass consumer protections in Colorado is a clear "No" | Danny Katz

In 2018, 77% of Colorado voters voted yes on Proposition 111 to cap payday loan APRs at 36%. Unfortunately, a proposed federal rule would allow lenders to bypass our protections and charge triple-digit rates again. This is a bad idea and a coalition of organizations, businesses, and state legislators agree.   

> Keep Reading
Blog Post | Financial Reform

Will Congress fix credit report problem CFPB won't? | Ed Mierzwinski

Our latest report, last week, found July set yet a fifth consecutive month of record consumer complaints to the CFPB. Complaints about credit report mistakes, always among the leaders, have surged dramatically during the pandemic. The CFPB hasn't done anything about it, but Congress has an opportunity in its next relief package to ban negative credit reporting.

> Keep Reading

Pages

News Release | U.S. PIRG

Illiinois PIRG applauds passage of predatory lending reform capping usury ceiling at 36% APR. Measure sent to governor. Illinois will become the 18th state, along with the District of Columbia, that effectively bans payday loans.

Blog Post

President-elect Biden's platform includes a proposal to replace the private credit bureaus with a public credit registry. Here's why it's a worthy idea.

News Release | U.S. PIRG

Statement: "U.S. PIRG welcomes the Facebook lawsuits by 48 state and territorial attorneys general and federal regulators."

News Release | U.S. PIRG

On Friday, the CFPB released a modified final version of its Debt Collection Rule, although it delayed action until December on one of its most controversial provisions, allowing collection of  time-barred zombie debt. A statement by Consumer Program Associate Lucy Baker follows.

Blog Post

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

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Defend the CFPB

Tell your senators 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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