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, Food

New report: Hazardous Meat & Poultry Recalls Nearly Double

From E. coli-infected romaine lettuce to Salmonella-tainted beef, contaminated foods lead to illnesses that sicken as many as 1 in 6 Americans annually. U.S. PIRG Education Fund’s new report How Safe is Our Food?, released today, reveals how fundamental flaws in our current food safety system have led to a jump in these recalls since 2013.

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

Fiat Chrysler Settlement Fails to Protect Consumers

While we are glad that Fiat Chrysler is paying something for damaging the health of Americans and deceiving customers, this settlement does not go far enough. It neither ensures these violations of the public trust won’t happen again nor makes consumers whole.

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

Wells Fargo Reaches $575 Million Settlement With 50 States and D.C. Over Fake-Accounts and Other Consumer Scandals

Here is our statement about today's announced Wells Fargo settlement.

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News Release | U.S. PIRG | Consumer Protection

Investigation alleges Facebook violates consumers’ privacy -- and an FTC consent decree against deception

Yesterday, The New York Times published the results of an investigation alleging that Facebook allowed big tech partners including Netflix and Spotify to access users’ personal data -- including private Facebook messages -- and ignored an FTC consent decree requiring users’ consent.

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

U.S. PIRG Education Fund launches ID theft protection week for the holidays

In light of recent, high profile data breaches at Marriott and Quora and a new government report about Equifax’s breach, consumer group U.S. PIRG Education Fund is launching an online campaign to protect consumers as they use their credit and debit cards to travel and buy gifts this holiday season.

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

Wells Fargo Reaches $575 Million Settlement With 50 States and D.C. Over Fake-Accounts and Other Consumer Scandals

Here is our statement about today's announced Wells Fargo settlement.

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

Investigation alleges Facebook violates consumers’ privacy -- and an FTC consent decree against deception

Yesterday, The New York Times published the results of an investigation alleging that Facebook allowed big tech partners including Netflix and Spotify to access users’ personal data -- including private Facebook messages -- and ignored an FTC consent decree requiring users’ consent.

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

U.S. PIRG Education Fund launches ID theft protection week for the holidays

In light of recent, high profile data breaches at Marriott and Quora and a new government report about Equifax’s breach, consumer group U.S. PIRG Education Fund is launching an online campaign to protect consumers as they use their credit and debit cards to travel and buy gifts this holiday season.

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

House Committee report confirms Equifax botched data security and response

Today, the House Oversight and Government Reform Committee released the results of its investigation into the 2017 Equifax data breach. Mike Litt, consumer campaign director for the U.S. PIRG Education Fund, issued the following statement, which includes steps that consumers can take to protect themselves from identity theft.

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News Release | U.S. PIRG | Consumer Protection

New Report: As Senate confirms Kraninger to head CFPB, state and local authorities can fill the void to protect consumers

Below is a press release for our report showing how states can fill the void in consumer protections at the CFPB, following Kathy Kraninger's confirmation as director this afternoon. 

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Report | U.S. PIRG Education Fund | Consumer Protection, Higher Ed

Private Loans, Public Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them.

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Report | US PIRG Education Fund | Consumer Protection

Big Banks, Big Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them. 

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Report | U.S. PIRG Education Fund | Consumer Protection

Trouble in Toyland 2012

The 2012 Trouble in Toyland report is the 27th annual U.S. Public Interest Research Group survey of toy safety. In this report, U.S. PIRG provides safety guidelines for consumers when purchasing toys for small children and provides examples of toys currently on store shelves that may pose potential safety hazards.

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Trouble in Toyland

The 2011 Trouble in Toyland report is our 26th annual survey of toy safety. In this report, we provide safety guidelines for consumers when purchasing toys for young children and provide examples of toys currently on store shelves that may pose potential safety hazards.

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Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. 

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Blog Post | Consumer Protection

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

Forcing consumers to pay twice to withdraw their money once is wrong. And blocking ATM owners from lowering their fees? That’s absurd, and it’s why we weighed in with a legal “friend of the court” brief.

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Blog Post | Consumer Protection

Consumers Count: Five years of the CFPB standing up for consumers | Kathryn Lee

This week, the Consumer Financial Protection Bureau turns five years old! As part of our efforts to tell more people about the CFPB, we're cross-posting this video blog and comments written by Zixta Q. Martinez of the CFPB (check out the infographic at the end, too!).

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Blog Post | Consumer Protection

You might not know this about overdraft fees | Kathryn Lee

Did your bank sell you on the idea that it’s embarrassing for you to have your debit card declined for a $3 cup of coffee, and that you should pay them $35 each time for “overdraft protection”? Those big fees are what’s embarrassing. Unless you say yes to allow fees, you cannot be charged for over-drafting your debit card.

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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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Blog Post | Consumer Protection

30 Years of "Trouble in Toyland," 30 Years of Safety Improvements | Anna Low-Beer

Every year, U.S. PIRG Education Fund releases Trouble in Toyland, a report on toy safety which examines toys bought at major national retailers, looking for safety hazards including toxic toys, choking hazards, labeling violations, powerful magnets, and excessibely loud toys. We continue to find these hazards on store shelves, which indicates the need for continued vigilance and adequate enforcement of safety regulations. But despite lingering dangers, in the last 30 years, we've come a long way in terms of both policy and compliance with standards.

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News Release | U.S. PIRG Education Fund

Our response to Equifax paying a $650 million penalty for exposing the social security numbers of 148 million Americans to identity theft.

News Release | U.S. PIRG

U.S. PIRG celebrated the 10th anniversary of the passage of the groundbreaking Credit CARD (Credit Card Accountability Responsibility and Disclosure) Act today by joining with the law’s chief sponsor Rep. Carolyn Maloney (NY) at a U.S. Capitol press conference.

News Release | U.S. PIRG

While the Consumer Financial Protection Bureau’s new director entertains removing its consumer complaint database from public view, that website feature is proving its worth. The CFPB published a record 257,000 consumer complaints in 2018, according to a new report by U.S. PIRG Education Fund. That brings the total to nearly 1.2 million since the CFPB began collecting complaints in December 2011.

Report | U.S. PIRG

While the Consumer Financial Protection Bureau’s new director entertains removing its consumer complaint database from public view, that website feature is proving its worth. The CFPB published a record 257,000 consumer complaints in 2018, according to a new report by U.S. PIRG Education Fund.

News Release | U.S. PIRG Education Fund

Fisher-Price recalled 4.7 million Rock n’Play baby sleepers on Friday. U.S. PIRG Consumer Watchdog Adam Garber issued a response: "“While we’re pleased that Fisher-Price is finally recalling these dangerous sleepers, 30 deaths in 10 years is 30 deaths too many and 10 years too late."

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