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

Report | CoPIRG | Budget, Financial Reform, Tax

Tax Shell Game

Abuse of tax havens inflicts a price on other American taxpayers, who must pay higher taxes—now or in the future—to cover the government’s revenue shortfall, or must deal with cuts in government services.

> Keep Reading
News Release | CoPIRG | Financial Reform

Historic Wall Street Reform Signed Into Law

Responding to the worst financial crisis since the Great Depression, President Barack Obama signed into law the Wall Street Reform and Consumer Protection Act.  The bill reins in Wall Street and protects consumers, investors, and taxpayers from further financial meltdowns.

> Keep Reading

Watchdog Group says Corporate Tax Avoiders Cost Colorado $1.6 Billion Annually

A consumer watchdog group says nearly two-thirds of corporations pay no federal income taxes at all -- and that saddles individual Colorado taxpayers with an additional tax burden of nearly $500 each year.

> Keep Reading

Highlights of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009

To educate consumers about the Credit Card Accountability, Responsibility And Disclosure (CARD) Act signed into law on May 20, CoPIRG released a factsheet about the upcoming changes and tips on how to avoid remaining abusive credit card practices.

> Keep Reading
Media Hit | Financial Reform

Rein in Wall Street

Lawmakers joined community and labor leaders yesterday to demand consumer protections against financial abuses on Wall Street.

> Keep Reading

Pages

Blog Post

Rich Cordray, the first director of the CFPB and author of a new book on his six years at its helm, has issued a powerful memo to its current director, Kathy Kraninger, urging her to stop "relaxing" duties on financial firms and to "lose no further time" in "shield[ing] households and families" from the "economic harms" they face as a result of the coronavirus pandemic.

News Release | U.S. PIRG

Marriott, the world’s largest hotel chain in terms of guest rooms, disclosed Tuesday that up to 5.2 million customers were impacted by a security breach related to the company’s loyalty app.

Blog Post

The CFPB's first director, Rich Cordray, has published a book, "Watchdog," explaining efforts to set up and run the Consumer Financial Protection Bureau. I recommend reading the book! The new agency was established as part of the Wall Street Reform and Consumer Protection Act of 2010, enacted after light regulation of reckless Wall Street bank practices led to the financial collapse of 2008 and the ensuing Great Recession. Under Cordray's tenure, the CFPB returned over $12 Billion to over 31 million consumers harmed by big banks, payday lenders, for-profit schools, debt collectors and credit bureaus. 

Blog Post

On Wednesday, the full U.S. House is expected to vote on a credit reporting reform package, HR 3621, the Comprehensive CREDIT Act. Meanwhile, a PIRG analysis finds that half of all complaints to the CFPB in 2019 concerned credit reporting and the most-complained about companies, in the entire database, were the so-called  Big 3 credit bureaus.

Blog Post

In support of a report by colleagues from the Norwegian Consumer Council on whether the data sharing and privacy practices of a number of dating and other smartphone apps were in compliance with European privacy rules (GDPR) or the new California Consumer Privacy Act (CCPA), U.S. PIRG and other leading groups sent joint letters to key policymakers, including the California, Oregon and TexaS Attorneys General, the Federal Trade Commission and all members of the U.S. House and Senate. 

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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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