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

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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Blog Post | Consumer Protection

Fight Against Unfair ATM Surcharge Fees Heads to the U.S. Supreme Court (UPDATED) | Michael Landis

UPDATE: I recently wrote about an amicus brief that U.S. PIRG Education Fund filed in support of consumers and independent ATM owners in two consolidated cases pending before the U.S. Supreme Court. Well, those cases aren’t pending anymore. On November 17, 2016, the Court issued a rare order throwing out the cases before they were argued.

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News Release | U.S. PIRG | Consumer Protection

Consumer Advocates Concerned By Court Ruling Overturning Ban on High-Powered Magnets

We've joined leading consumer and pediatrician organizations in a joint news release with a sharp critique of a U.S. appellate court decision overturning a U.S. Consumer Product Safety Commission ban on the sale of high-powered small magnets (some as small as BBs) that pose a severe ingestion problem for children and youth. As our Trouble In Toyland report released on November 22 pointed out: "Nearly 80 percent of high-powered magnet ingestions require invasive medical intervention, either through an endoscopy, surgery, or both. In comparison, only 10 to 20 percent of other foreign body ingestions require endoscopic intervention and almost none require surgery."

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Pages

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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.

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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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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. 

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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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