Guide to Wall Street Reform

Read on to lean how Wall Street Reform can help Main Street - and how you can get involved.

PROTECTING CONSUMERS IN THE FINANCIAL MARKETPLACE

From credit cards to home mortgages to student loans to bank fees, the practices of Wall Street reach into the living rooms, dorm rooms and wallets of virtually every Oregonian, from cradle to grave.

In 2010, after the financial collapse, the subsequent multi-trillion dollar government bailout of Wall Street, and the public outcry that followed,  Congress passed the Wall Street Reform and Consumer Protection Act. It was the country’s first major strengthening of financial marketplace rules in over 75 years.

The goals of the 2010 law are important: prevent a future financial meltdown and taxpayer bailout and protect consumers and investors from deceptive bank practices. For consumers, the law's centerpiece is its establishment of the new Consumer Financial Protection Bureau.

Find out more about the new law, key decisions that are being decided right now, and how you can have an impact on many aspects of Wall Street reform:

HISTORY OF A CRISIS

The roots of the current financial crisis are, in large part, due to activities of Wall Street’s largest players, and a series of decisions by federal policy makers to relax long-standing bank regulations.

After the Great Crash of 1929, a set of marketplace rules were enacted to stabilize the financial markets. These rules were intended to check the more excessive impulses of Wall Street, ensure that they did not take extreme risks with their customers’ money, and provide a basic degree of protection for bank deposits.

Financial markets remained relatively stable for about fifty years. Then, about 25 years ago, Congress weakened these laws several times, causing many Wall Street banks to take on increasingly risky behavior.

Nearly 1,500 Washington, D.C. lobbyists representing Wall Street firms pushed hard against passage of the law, and its effectiveness will be determined by hundreds of decisions currently being made by little-known government agencies that are in charge of implementing the law.

And there is a similar by Wall Street lobbyists currently underway in an attempt to influence the implementation of the law.

Learn more about how you can have an impact on the implementation of Wall Street reform, from unfair bank activities to the responsible use of customers’ money
and preventing another taxpayer bailout.

Issue updates

Blog Post | Consumer Protection, Financial Reform

OUR TAKE ON THE LATEST ATTACK ON THE CONSUMER FINANCIAL PROTECTION BUREAU | Michael Landis

Though the Consumer Financial Protection Bureau finds itself under constant attack. The most recent is from the U.S. Court of Appeals for the D.C. Circuit. U.S. PIRG Education Fund—along with nine other consumer and civil rights organizations—filed an amicus brief in support of the CFPB’s request for a rehearing before the entire D.C. Circuit. The Department of Justice also filed a brief in support of the CFPB’s request. It is important that the October ruling is corrected so that the CFPB remains a strong and independent agency that looks out for consumers.

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Blog Post | Consumer Protection

This New Year, Celebrate the CFPB | Ed Mierzwinski

This month, we published our 8th report based on analyzing consumer complaints collected in the CFPB's Public Consumer Complaint Database. The release of "Big Banks, Big Overdraft Fees" provides a good year-end opportunity to summarize a few of the reasons to be thankful for the Consumer Financial Protection Bureau, which took over in July 2011 as the first federal regulator with just one job: protecting consumers from unfair financial practices. The idea of the CFPB needs no defense, only more defenders.

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Statement on Procter & Gamble’s New Preservative Tracker in Personal Care Products

Personal care product giant Procter & Gamble (P&G) recently unveiled a new preservative tracker, which lets consumers know which preservatives are included in various categories of P&G’s products, such as baby wipes, skin care, and hair care products. Consumers can search the tracker by ingredient or by product type.

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News Release | Consumer Protection

Yahoo Data Breach Presents Opportunity for Strong Response

Statement by Mike Litt at the U.S. PIRG Education Fund, on the latest announced Yahoo data breach.

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Report | U.S. PIRG Education Fund and Frontier Group | Financial Reform

Big Banks, Big Overdraft Fees

Overdraft fees are a major source of consumer pain, since they are borne disproportionately by Americans with few financial resources. Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and NSF fees, an increase of 3.6 percent over the same period in 2015. American consumers should look to the Consumer Financial Protection Bureau (CFPB), which has already enforced overdraft regulations and returned millions of dollars to consumers, to take new action to prevent unfair overdraft fees.

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News Release | U.S. PIRG | Consumer Protection

Over 7,000 Comments Submitted to Department of Labor

Every year, over $17 billion is lost from retirement savings to fees and charges, according to the Council of Economic Advisors. Today, we submitted over 7,000 PIRG member comments urging the U.S. Department of Labor to finalize a strong rule requiring retirement advisors to put the interests of their customers first. We also submitted a detailed expert comment of our own in the important "conflicted advice" rulemaking.

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News Release | US PIRG Education Fund | Consumer Protection

Top 10 List: How the CFPB Works for Consumers

The Consumer Financial Protection Bureau (CFPB) turns 4 on July 21st. To celebrate and increase public awareness of the agency, U.S. PIRG Education Fund released a new webpage, “Meet the CFPB: Just Ten of the Ways It Works for You.

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News Release | US PIRG Education Fund | Consumer Protection

New Report: Mortgage Problems Rank #1 at CFPB for Consumer Complaints

Mortgage problems were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the U.S. PIRG Education Fund. The report also found that Bank of America was the most complained about company in 45 states and Washington, D.C. for mortgage problems.It's the sixth in a series of our reports analyzing nearly 500,000 complaints posted to the CFPB's Public Consumer Complaint Database.

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News Release | U.S. PIRG | Consumer Protection

We Commend CFPB For Adding Consumer Stories To Public Complaint Database

Yesterday, the CFPB published the first batch (7,700) of consumer narratives or stories to the Public Consumer Complaint Database it began in 2011. We've used the database to publish five reports (so far) analyzing complaint trends in markets ranging from credit cards to student loans but we have also long urged the voluntary addition of stories to the data fields. Now, consumers can learn if what happened to them happened to anyone else. Now, researchers can track which banks are more responsive to particular problems and which ignore their customers. A good resource is now an excellent resource.

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Report | U.S. PIRG Education Fund | Financial Reform

Bailout Report Card

U.S. PIRG released a report card on how the bailout had been handled by the administration in terms of transparency and accountability.

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Report | U.S. PIRG Education Fund | Consumer Protection

Mixed Signals

In an effort to determine America’s preparedness for the transition, the U.S. Public Interest Research Group (PIRG) Education Fund conducted a “secret shopper” survey at 132 locations of five leading national electronics retailers in ten states. The survey found that retail electronic store staff are largely uninformed and are not adequately preparing consumers for the impending transition to digital television.

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Report | U.S. PIRG Education Fund | Financial Reform

Halfway to the CFPB

The CFPB Implementation Team staff are making significant progress in their efforts to both build an effective agency and be ready to perform required functions by the transfer date (July 21, 2011).

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Blog Post | Financial Reform

Anthem Customers and Others: Some Advice On Steps To Take After Data Breach | Ed Mierzwinski

UPDATED (9 Feb.) Retail store data breaches make a mess, but an easy one to clean up and the few consumers who become fraud victims are quickly made whole. The Anthem hackers, on the other hand, reportedly obtained a mother lode of information that could be used to commit a variety of serious frauds, including obtaining your tax refund. Read our tips here. Here's the first: Don't click on any emails claiming to be from Anthem; some may be malicious.

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Blog Post | Consumer Protection

On Veterans Day, How The CFPB Helps Veterans, and All of Us | Ed Mierzwinski

Columnist George Will recently (and not for the first time) urged Congress to “abolish the Consumer Financial Protection Bureau.” His reasons may seem to come from his conservative philosophy, but merely pander to the powerful Wall Street interests that left our economy in ruins just a few years ago. As a counterbalance, let’s discuss some recent speeches and statements by CFPB Director Richard Cordray on his vision for the bureau and some of its current work, including – on this Veteran’s Day – its efforts to protect military families from financial predators.

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Blog Post | Consumer Protection

We urge CFPB to add stories to complaint database | Ed Mierzwinski

While Congress gets the bulk of the news, a lot of the work in Washington is done by agencies writing rules or enforcing laws. The rulemaking process is a contentious battle, where powerful special interests mobilize thousands of lawyers and PR flacks to delay or kill efforts to protect consumer, worker and community health and safety or to make markets work. So, we fight back. Yesterday, we urged the CFPB to add consumer stories to its Public Consumer Complaint Database. We've also recently urged other agencies to take action, including asking the DOT to expand airline passenger rights and the FCC to protect a free and open Internet.

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Blog Post | Consumer Protection

CFPB, FTC Take Separate Actions Against Two Illegal Online Payday "Cash-Grab"Schemes | Ed Mierzwinski

Yesterday the CFPB and FTC announced separate actions against two online payday lenders running essentially the same alleged scam. Both "lenders" collected detailed consumer information from lead generation websites or data brokers, including bank account numbers, then deposited purported payday loans of $200-300 into those accounts electronically, and then collected biweekly finance charges "indefinitely,"

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Blog Post | Consumer Protection

We oppose merger between giants Comcast & Time Warner Cable | Ed Mierzwinski

Along with a number of state PIRGs, we have joined the Consumer Federation of America in a petition to deny the merger of cable/Internet giants Comcast & Time Warner Cable. The petition argues that the FCC must deny the merger, which would perpetuate unrestrained cable price increases, allow terrible service to deteriorate further and stifle innovation.

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