Defend the Consumer Bureau

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 to earn your money. You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future.

That’s why we need strong consumer protections on Wall Street. 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. It made it clear: Americans need a watchdog agency on Wall Street, devoted to creating and enforcing fair, clear and transparent rules to protect consumers.

So in 2010, we helped create the Consumer Financial Protection Bureau (CFPB) to be our consumer cop on the financial beat.

THE CFPB GETS THE JOB DONE

Despite the fact that the CFPB is not widely known, they’ve been hugely successful at working for consumers, returning nearly $12 billion to more than 29 million people who were ripped off by companies that broke the law … in just six years.

The Consumer Bureau holds big banks, debt collectors and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on to protect consumers:

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 and TransUnion — 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.

In addition, the Consumer Bureau has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.

The Consumer Bureau's success should be earning it applause in Washington. Yet instead of cheering on the agency, the Trump administration and many members of Congress are pushing to weaken or even get rid of it.

Even with the Consumer Bureau on the job, many Americans are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the Consumer Financial Protection Bureau to exist: We need to make it even better, by strengthening commonsense consumer protections.

Issue updates

News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay, Transportation

Framework for VW Settlement Announced

Statement by Mike Litt, Consumer Program Advocate at U.S. PIRG Education Fund, on todays announced VW settlement. For more details on what a strong settlement agreement ought to look like, please see the open letter that we released earlier this week with other consumer and environmental groups.

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Open Letter Calling on Procter & Gamble to be Toxic-Free

An Open Letter to the CEO of Procter & Gamble calling on the company to Pledge to be Toxic-Free

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News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay

Leading Groups Send Criteria for Evaluating VW Settlement

Four leading consumer, environmental, and public health organizations wrote an open letter in advance of the April 21st deadline set by U.S. District Judge Charles R. Breyer for a proposal that deals with Volkswagen’s emission scandal.

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Blog Post | Consumer Protection

Lowering your APR might be easier than you think | Kathryn Lee

Many Americans are walking around with a balance on their credit card because of high interest rates, or annual percentage rate (APR) charges for unpaid balances. It's best to pay off your balance in full but if you don't or can't, a higher APR makes your debit grow faster. What most people don’t realize is this APR can be negotiated to a lower rate.

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News Release | U.S. PIRG | Consumer Protection

CFPB Gets Results: Orders Chase Bank to Repay Consumers Over $300 Million Over Sale of Junky Credit Card Add-On Products That Weren’t Even Delivered

Yesterday the CFPB fined Chase Bank $20 million and ordered it to refund over 2 million consumers a total of over $300 million over the sale of junky credit card and debit card add-ons that weren’t even delivered.

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News Release | US PIRG Education Fund | Consumer Protection

New Report Identifies Banks Consumers Complain About Most

WASHINGTON – Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the US PIRG Education Fund. The report highlights banks that generated the most complaints through their various banking services in each state.

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Bounced Checks Could Land You On A Banking Blacklist

"NEW YORK (CBSNewYork) — Bounced checks and forgotten overdraft fees can happen to anybody. But now, some banks are using those money mistakes against customers. [...] Consumer advocates said that some of the people being shut out have records that were dinged accidentally." (Video and print story available)

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An $18 Million Lesson in Handling Credit Report Errors

"Even after sending more than 13 letters to Equifax over the course of two years, Julie Miller could not get the big credit bureau to remove a host of errors that it inserted into her credit report. [...] So she tried suing. That worked. [...] “Big punitive penalties may help force the bureaus to upgrade their 20th-century algorithms and incompetent dispute reinvestigation processes,” said Ed Mierzwinski, consumer program director at the United States Public Interest Research Group. “But C.F.P.B.’s authority to supervise the big credit bureaus is one of the most significant powers Congress gave it.”

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News Release | U.S. PIRG Education Fund | Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to U.S. Public Interest Research Group’s 27th annual Trouble in Toyland report. It reveals the results of laboratory testing on toys for lead, cadmium and phthalates, all of which have been proven to have serious adverse health impacts on the development of young children. The survey also found small toys that pose a choking hazard, extremely loud toys that threaten children’s hearing, and toy magnets that can cause serious injury.

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Blog Post | Consumer Protection

CFPB takes first step to eliminate forced arbitration and other consumer news | Ed Mierzwinski

Today the Consumer Financial Protection Bureau took an important first step toward protecting consumers from mandatory arbitration clauses, which are boilerplate sentences in bank account and other contracts that crush consumer legal rights. ... Meanwhile, the New York Times follows up on a lawsuit by the Minnesota Attorney General Lori Swanson against a medical debt collector that blocks and tackles consumers trying to get through hospital emergency room doors. But it gets better. That debt collector just happens to be owned by the same hedge fund that owned a supposedly neutral (not) forced arbitration mill known as NAF and favored by the big credit card companies.   ...  Also today, the World Privacy Forum announced updates to its helpful pages on medical identity theft.

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Blog Post | Consumer Protection

U.S., States Sue Apple, Publishers Over E-Book Price Conspiracy | Ed Mierzwinski

Today, the U.S. Attorney General and the Attorney Generals of Connecticut and Texas announced settlements with several publishers -- Hachette Book Group, Simon & Schuster and HarperCollins --over an alleged conspiracy with Apple and other publishers to attack Amazon's pricing model, secretly set e-book prices and thereby harm consumers. However, Apple and the publishers Macmillan and Penguin Group USA have refused to settle and are being sued by the agencies.

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Blog Post | Consumer Protection

Consumer Bureau Compared to Peace Corps | Ed Mierzwinski

Today, in his column "Government's Not Dead Yet," Joe Nocera of the New York Times pays a visit to the PIRG-backed Consumer Financial Protection Bureau, where he finds vision, idealism and people working to show that "government can make a difference in people’s lives."

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Blog Post | Consumer Protection

B of A tests new fees, CFPB asks for your checking account complaints | Ed Mierzwinski

Reporters are calling about BofA's proposed new checking account fees, "Ed, what does it mean?" Meanwhile the CFPB says checking accounts can be "complex and confusing" and announced it is now  ready and waiting for your checking account complaints. Find out more.

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Blog Post | Consumer Protection

PIRG, Others Urge CPSC Recall of Bumbo Baby Seat Due to Skull Fracture Risk | Ed Mierzwinski

Over at the CALPIRG blog, consumer advocate Jon Fox explains why CALPIRG, U.S. PIRG, Kids In Danger and other leading groups have asked the Consumer Product Safety Commission, in a letter, to recall the Bumbo baby seat. Previous remedial actions, including labeling the seat with warnings, haven't prevented an alarming number of injuries, including over thirty skull fractures.

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