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.
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
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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.
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After clearing those hurdles, I set more defined financial goals and plans in motion this year, including automatic deposits into new investment accounts.
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Latest Reports
Tools & Resources
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No Write-Offs for Consumer Ripoffs
Corporations Able to Secure Tax Deductions for Mortgage Violations, Price-Fixing and Other Misconduct, But Two Bipartisan Bills Would AddressU.S. PIRG -
Leading Groups Send Criteria for Evaluating VW Settlement
Seeking Compensation for Consumers and Environment -
U.S. PIRG Joins Legal Brief Defending CFPB Constitutionality
Case to be heard May 24th in DC Circuit, US Court of Appeals -
Fact Sheet: Protecting Those Who Serve
CFPB Military Complaints Report Summary -
Fact Sheet: Older Consumers in the Financial Marketplace
An Analysis of Complaints, and Results, From the CFPB -
Our Amicus Brief Supporting the states of Ohio et al v. American Express
Before the Supreme Court of the US -
FinTech and Consumers
A draft report on the FinTech Universe -
Auto Loan Complaints Rise
CFPB Complaints Report Fact Sheet -
Amicus Brief of US PIRG Ed Fund and NCLC
In re: Google Inc. Street View Electronic Communications Litigation
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