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

Fisher-Price recalls nearly 5 million potentially deadly Rock n’Play sleepers

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

Statement: CDC finds E. coli outbreak caused by tainted ground beef

The Centers for Disease Control and Prevention (CDC) announced today that it suspects ground beef caused an outbreak of E. coli-induced infections that has sickened more than 100 people in six states.

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News Release | Consumer Protection

Statement on Wells Fargo’s response to “Debit Cards on Campus” report

Read U.S. PIRG's statement on Wells Fargo eliminating some fees for student on debit cards.

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Blog Post | Consumer Protection

U.S. PIRG Consumer Campaign Director Testifies at Congressional Hearing on Data Security | Mike Litt

U.S. PIRG's Consumer Campaign Director, Mike Litt, was invited to testify at a Congressional hearing yesterday about improving data security at the credit bureaus. Here are his opening remarks. 

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

California avocados second major recall in less than a week

Henry Avocado Corporation is recalling avocados potentially contaminated with the deadly listeria bacteria. Adam Garber, U.S. PIRG said in a statement: “We are barely getting a chance to breath between recalls."

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News Release | US PIRG Education Fund | Public Health, Consumer Protection

FDA finds asbestos in Claire’s makeup sold to children, confirming U.S. PIRG test results

 Nearly a year after a U.S. PIRG Education Fund study showed that U.S.-based retailer Claire’s has been selling makeup contaminated with carcinogenic asbestos, the U.S. Food & Drug Administration (FDA) has confirmed our test results. Both PIRG Education Fund and the FDA found asbestos contamination in some of Claire’s makeup products marketed to children.

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

Investigation of E. Coli outbreak in lettuce reveals need for more protections

The FDA investigation reinforces that our food isn't nearly as safe as it should be. This time, more than 60 people got sick from salads, probably because a company failed to sanitize the water used to grow its romaine lettuce.

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News Release | U.S. PIRG | Consumer Protection

Wells Fargo customers should file complaints with the Consumer Financial Protection Bureau and beware phishing scams

Here is our statement about Wells Fargo’s system failures that started yesterday.

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News Release | U.S. PIRG | Consumer Protection

Consumer Financial Protection Bureau gives payday debt traps its seal of approval

Here is our statement about the CFPB's proposal for gutting its own payday lending protections.

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

Equifax’s Original Credit Lock Expires Tomorrow

Here is our press release about tomorrow's expiration of Equifax's original product it offered consumers after its massive data breach.

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Blog Post | Consumer Protection

CFPB Adds Consumer Stories to Public Complaint Database | Ed Mierzwinski

Today, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

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Blog Post | Consumer Protection

Coalition Launched To Protect Retirement Savings from Wall Street Loopholes | Ed Mierzwinski

We've joined AARP, the Consumer Federation of America, AFL-CIO, Americans for Financial Reform and other leading groups to support an imminent Department of Labor rule to require retirement advisors to put consumers first. Wall Street brokerages and insurance companies have already launched a fierce lobbying attack, since they've been using loopholes to put themselves first to the tune of an estimated $17 billion/year by pocketing what should be your retirement income.

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Blog Post | Consumer Protection

On Veterans Day, How The CFPB Helps Veterans, and All of Us | Ed Mierzwinski

Columnist George Will recently (and not for the first time) urged Congress to “abolish the Consumer Financial Protection Bureau.” His reasons may seem to come from his conservative philosophy, but merely pander to the powerful Wall Street interests that left our economy in ruins just a few years ago. As a counterbalance, let’s discuss some recent speeches and statements by CFPB Director Richard Cordray on his vision for the bureau and some of its current work, including – on this Veteran’s Day – its efforts to protect military families from financial predators.

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Blog Post | Consumer Protection

We urge CFPB to add stories to complaint database | Ed Mierzwinski

While Congress gets the bulk of the news, a lot of the work in Washington is done by agencies writing rules or enforcing laws. The rulemaking process is a contentious battle, where powerful special interests mobilize thousands of lawyers and PR flacks to delay or kill efforts to protect consumer, worker and community health and safety or to make markets work. So, we fight back. Yesterday, we urged the CFPB to add consumer stories to its Public Consumer Complaint Database. We've also recently urged other agencies to take action, including asking the DOT to expand airline passenger rights and the FCC to protect a free and open Internet.

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Blog Post | Consumer Protection

CFPB, FTC Take Separate Actions Against Two Illegal Online Payday "Cash-Grab"Schemes | Ed Mierzwinski

Yesterday the CFPB and FTC announced separate actions against two online payday lenders running essentially the same alleged scam. Both "lenders" collected detailed consumer information from lead generation websites or data brokers, including bank account numbers, then deposited purported payday loans of $200-300 into those accounts electronically, and then collected biweekly finance charges "indefinitely,"

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Blog Post

We're co-sponsoring a zoom webinar Wednesday, June 24, at noon ET on two ways consumers and patients are harmed by drug industry price manipulation and lack of competive restraints. Consumers don't get a fair price and don't always get an effective drug. Find out how to register for the "Rebate Walls and Step Therapy" event featuring leading experts. 

Blog Post

Johnson & Johnson will end the sale of talc-based baby powders--which can be contaminated with asbestos--in the United States and Canada. That’s a big win for consumers, but it’s not enough.

News Release | U.S. PIRG Education Fund

U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.

Blog Post

Each week, we’ll be posting a round-up of short stories from across our network from staff experiencing various COVID-related issues, and what they did about them.

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