Reining In Wall Street

STANDING UP AGAINST THE BIG BANKS AND WALL STREET—For more than 20 years, Consumer Program Director Ed Mierzwinski has helped us stand up against big banks and credit card companies.

OUR FISCAL FUTURE

For years, federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks and unfair overdraft policies used by the big Wall Street banks. They also ignored warnings of risky securities being packaged and sold to investors. In the wake of the resulting financial crisis, CALPIRG fought to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Since winning federal Wall Street reform, we’ve been working to defend those reforms from the industry’s attempts to defang, defund or delay them — in particular the Consumer Financial Protection Bureau, which is the centerpiece of the law.

We’re working to:

  • Put consumers and taxpayers before big banks: Check irresponsible financial practices with new rules and stronger, independent enforcement by the Consumer Financial Protection Bureau.
     
  • Cover all players and transactions: Rein in hedge funds and reckless investments that escaped regulations and traded without oversight on “shadow markets.” 
     
  • Control institutions that are “too big to fail”: Banks shouldn’t be able to freely gamble with taxpayer money covering their bets. We must rein in institutions whose risky investments threaten the larger economy.

In short, we’re fighting for a financial regulatory system that guarantees consumers and taxpayers are protected from the predatory practices at the heart of this problem. And we need to provide consumers a seat at the table when it comes to oversight of the nation’s financial system.

Issue updates

28,000 CALIFORNIANS TELL SENATORS TO STOP CODDLING WALL STREET AND CONFIRM CFPB DIRECTOR

CALPIRG leads a delegation of Bay Area community leaders calling on the Senate to confirm Richard Cordray to a full term as director of the Consumer Financial Protection Bureau, present the signatures of more
than 160,000 people, including over 28,000 Californians. 

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Report | CALPIRG Education Fund | Financial Reform

Big Banks Bigger Fees 2012

A survey of hundreds of banks and credit unions in 24 states and the District of Columbia found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the California Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all. 

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News Release | CALPIRG | Financial Reform

New Survey Shows Free Checking Widely Available At Small Banks But Banks Still Hiding Fees from Consumers

San Francisco November 15– A survey of hundreds of banks and credit unions found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the California Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all. 

> Keep Reading
News Release | CALPIRG | Financial Reform

Legislature Approves the Homeowners Bill of Rights

Sacramento, CA—Today legislation was approved by both the California State Senate and Assembly aimed at addressing problems contributing to the persistent foreclosure crisis in California. The legislation is modeled after the national mortgage settlement between five of the nation’s largest banks and forty nine state attorneys general.

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News Release | US PIRG | Financial Reform

Responding to Students, Congress Extends Low College Loan Rate

 

Statement of Rich Williams, U.S. PIRG Higher Education Advocate, on the U.S. Congressional passage of bipartisan legislation to prevent subsidized Stafford student loan interest rates from doubling:

 

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News Release | CALPIRG | Consumer Protection, Financial Reform

New Survey Shows Banks Still Hiding Fees from Consumers

A survey of more than 350 bank branches released today by the California Public Interest Research Group revealed that fewer than half of branches obeyed their legal duty to fully disclose fees to prospective customers, while one in four provided no fee information at all.

> Keep Reading

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DEFEND THE CFPB

Tell your representative to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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