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

Popular toys contain toxics and other hazards

This holiday season, watch out for dangerous and toxic toys. U.S. PIRG’s 33rd annual Trouble in Toyland report found toxic amounts of boron, which can cause nausea, vomiting and other health issues, in slime products as well as fining that Amazon failed to appropriately label choking hazards.

> Keep Reading
News Release | U.S. PIRG | Consumer Protection

Our veterans need protection at home -- from predatory lenders and financial fraud

While many Americans honor our active and retired military on Veterans Day, federal officials are threatening to weaken financial protections for servicemembers, veterans and their families.

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Blog Post | Consumer Protection

Update to How You Can Change Your Experian Credit Freeze PIN | Mike Litt

Our consumer campaign director provides an update to how you can change your Experian credit freeze PIN after a security flaw was discovered two weeks ago.

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News Release | U.S. PIRG | Consumer Protection

Hurricane Michael coverage: Data, resources and interview opportunities

With Hurricane Michael expected to make landfall Wednesday in western Florida as a major, Category 3 hurricane, then continue through the Southeast, The Public Interest Network (which includes U.S. PIRG, Environment America, Environment Florida, Environment Georgia, Environment North Carolina and Environment Virginia, among other organizations) is sharing information to help your readers and viewers contextualize the major environmental, health and consumer concerns posed by Michael.

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News Release | U.S. PIRG | Consumer Protection

You Should Change Your Experian Credit Freeze PIN

Our press release recommending consumers change their credit freeze PINs on their Experian credit reports after reports yesterday revealed a security flaw with Experian’s online PIN retrieval page.

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News Release | U.S. PIRG | Consumer Protection

Charges against Former Volkswagen CEO Must be Followed by Trial

Here is our statement about this evening's news about criminal charges against former Volkswagen CEO, Martin Winterkorn. 

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

32nd Annual “Trouble in Toyland” Survey Finds Dangerous Toys on Store Shelves

Stores nationwide are still offering dangerous and toxic toys this holiday season and, in some cases, ignoring explicit government safety regulations in the process, according to U.S. Public Interest Research Group (PIRG) Education Fund’s 32nd annual Trouble in Toyland report. The survey of potentially hazardous toys found that, despite recent progress, consumers must still be wary when shopping for children’s gifts.

 

 

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

Target Removes Lead-Laden Fidget Spinner From Website, But Still Available For Sale In-Store

Since late yesterday afternoon, Target appears to have made the 33,000 ppm-lead containing Fidget Wild Premium Spinner Brass unavailable for sale on its website. U.S. PIRG Education Fund staff went to a Target store today and found the Fidget Wild Premium Spinner Brass was still available for sale in-store, despite the website saying it was unavailable there. Also yesterday, one of the CPSC’s Commissioners, Elliot F. Kaye, re-stated his opposition to the CPSC’s guidance and the acting chairman's statement when he tweeted, “Seems obvious fidget spinners are toys and should comply with all applicable federal safety standards.”

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News Release | Consumer Protection

U.S. PIRG CONSUMER ADVOCATE MIKE LITT TESTIFIES AT CONGRESSIONAL HEARING ON EQUIFAX

Our Consumer Advocate, Mike Litt, was invited by Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, to testify this week at a Congressional hearing on the Equifax data breach. This was a continuation of the committee's previously held hearing on October 5th entitled "Examining the Equifax Data Breach."

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

Children’s Toys Victory: CPSC Bans Phthalates In Toys

Children’s toys will be safer after a vote today by the Consumer Product Safety Commission (CPSC) to ban five types of phthalate chemicals from children’s toys and other children’s products. Phthalates are commonly used as a softener for plastic children’s toys and child care articles, such as pacifiers and bottles.

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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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Blog Post | Consumer Protection

Encouraging news on HUD/state AG settlement with big mortgage servicers | Ed Mierzwinski

Update: The terms of the settlement, which was announced this morning, are at the page http://www.nationalmortgagesettlement.com. We are reading it now. Original: If I am reading the overnight news stories correctly (NY TIMES and Politico and Boston Globe), it appears that negotiators have clarified that the well-publicized settlement between HUD and state AGs and the nation's 5 largest mortgage servicers will not release the big banks from claims related to their activities with the mysterious entity known as MERS that aided and abetted their illegal foreclosures. If so, this is a big deal in ultimately holding the big banks fully accountable.

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Blog Post

New federal law stops phantom rental fees after six-month delay

Blog Post

In October, US PIRG and Frontier Group released a report on how the pandemic has affected auto leasing and lending. We found that, like in a lot of industries, the pandemic has exacerbated already serious issues and has brought them to the forefront of our attention.

Report | U.S. PIRG Education Fund

Our latest report, with the Frontier Group, finds that: Financing the purchase of a car is a minefield for consumers at even the best of times. Tricks and traps in the auto marketplace can leave consumers paying more for a car than they should – or, worse, to being victimized by predatory and abusive practices by auto dealers and lenders. COVID-19 has left consumers even more vulnerable. A review of complaints to the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database reveals a sharp spike in consumer complaints about auto purchasing, leasing and financing since the beginning of the pandemic.

News Release | U.S. PIRG Education Fund

Consumer complaints to the Consumer Financial Protection Bureau (CFPB) regarding vehicle loans and leases have increased sharply during the coronavirus pandemic, according to a new report by the U.S. PIRG Education Fund and Frontier Group. The analysis suggests that consumers are facing abusive and deceptive practices from the automobile lending industry.

News Release | US PIRG Education Fund

This FTC settlement must be a wake-up call to phone service providers so they do more to protect consumers. If not, the FTC must be vigilant in going after companies that enable the immoral practice of preying on consumers. And the FCC should require providers to block spoofed calls that we all know are scams.

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