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

Report | U.S. PIRG Education Fund & Frontier Group | Consumer Protection

Older Consumers in the Financial Marketplace

Older consumers are at risk of harm from predatory financial behavior. An analysis of more than 72,000 financial complaints submitted by older consumers (those 62 years of age and older) to the Consumer Financial Protection Bureau (CFPB, or Consumer Bureau) and contained in its Consumer Complaint Database suggests that mistreatment of older consumers by financial companies is widespread.

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Statement on Walmart’s Decision to Strengthen Chemical Footprint Policy

U.S. PIRG Education Fund applauds retail giant Walmart for updating its sustainability policy to restrict toxic chemicals in 90,000 products including cosmetics and skincare items, infant products, and household cleaners.

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ARKANSAS STATE PLANT BOARD VOTES TO PROTECT FARMERS FROM DICAMBA DRIFT

Yesterday, the Arkansas State Plant Board unanimously voted to ban the pesticide dicamba for the 2018 planting season. The decision was based on advice from a task force composed of scientists, farmers, and other experts. Arkansas came to the decision after a year of record crop losses caused by dicamba—during 2017, the state received more pesticide complaints than it ever has in one year.

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Agency votes to begin rulemaking process to protect American children, firefighters from hazardous flame retardant chemicals

Today, the U.S. Consumer Product Safety Commission (CPSC) took three critical steps toward protecting consumers and firefighters from the hazards posed by a class of flame retardant chemicals (known as “organohalogens”). The CPSC directed the Commission’s staff to begin the rulemaking process to ban the sale of four categories of consumer products if they contain these chemicals. Once again, the CPSC has made an important action for consumers.

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News Release | Consumer Protection

Today’s Equifax News Beyond Troubling, Investigations an Important Step - Congress Should Make Credit Freezes Free

Statement by Mike Litt at the U.S. PIRG Education Fund, on news that Equifax failed to fix its security vulnerabilities.

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News Release | U.S. PIRG | Consumer Protection

Groups Applaud CPSC for Protecting Kids From Dangerous Magnets

U.S. PIRG and other consumer advocates, joined by pediatricians and pediatric gastroenterologists, today applauded the Consumer Product Safety Commission’s (CPSC) vote to address the hazards posed by high powered magnets.  Children who swallow two or more magnets are at risk of developing serious injuries such as small holes in the stomach and intestines, intestinal blockage, blood poisoning, and even death.

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News Release | U.S. PIRG | Consumer Protection

We urge CFPB to issue safeguards for mobile financial services and privacy

We urge (along with the Center for Digital Democracy) the CFPB to issue rules so consumers can use mobile financial services without placing their privacy at risk or exposing themselves to new forms of predatory lending and other unfair practices. We filed a joint comment in response to a CFPB information request.

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News Release | U.S. PIRG | Consumer Protection

U.S. PIRG’s Christine Lindstrom Testifies before U.S. Senate Banking Committee on Campus Debit Cards

U.S. PIRG Higher Education Program Director Chris Lindstrom testified before the Senate Banking Committee today on campus banking issues, private student loans and other issues concerning financial products on campus.

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

Report: Spirit Is Most Complained-About Airline

WASHINGTON – Spirit Airlines passengers are most likely to complain about their experience, according to a report released today by the U.S. PIRG Education Fund. Among major airlines, Spirit generates the most complaints for its size and generates an increasing number of complaints each year. Other most-complained about firms include Frontier Airlines, United Airlines, and American Airlines.

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Why do we hate debt collectors? Mistaken identity

You expect to hear from a debt collector when you don't pay your bills. But what do you do when you get calls or letters from a collection agency for a debt you don't owe?

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Blog Post

Until recently, I did not have estate and end-of-life planning in mind, but it was the natural next step in my quest to be a responsible adult, with a nudge from the existential threat of the COVID-19 pandemic.

Blog Post

Advance directives are legal instructions that include a living will (different from a regular will) and a health care proxy. In them, you state what treatments you do or don’t want at the end of your life and who you want making health care decisions for you if you can’t. 

Blog Post

Before listening to In Case You Get Hit By a Bus, I didn’t know about insurance that covers the costs of long-term care, such as home health care or nursing home care, for people who need assistance with daily living activities. 

Blog Post

Getting my finances in order has been a work in progress over several years, starting with tackling credit card debt, paying off my car loan and then building an emergency fund. 

After clearing those hurdles, I set more defined financial goals and plans in motion this year, including automatic deposits into new investment accounts.

News Release | US PIRG

During this time of year, families are thinking about the children going back to school, and for parents who are sending their kids to college, it can be a bit overwhelming. A key to addressing those concerns is making sure their teens are prepared for “adulting” -- in other words, taking care of their own lives.

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