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

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 | Financial Reform

Homeowners Bill Of Rights Approved By Conference Committee

This morning legislation was approved by a special foreclosure conference committee 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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Blog Post | Financial Reform

What meaningful California foreclosure reform should look like | Pedro Morillas

The foreclosure reform conference committee is expected to come out with their report next week, likely after the budget votes are wrapped up. Here is what CALPIRGis hoping ends up in the policy. If the legislation contains these elements it will help struggling borrowers stay in their homes and help California's economy right itself. 

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News Release | CALPIRG | Financial Reform

Common-Sense Refinancing Options Could Save California Homeowners $5.6 Billion A Year

Data released today by CALPIRG finds that making it easier for homeowners to refinance their mortgages could give consumers more options, save money, and stabilize California’s housing market. In California alone, 1.3 million families could qualify, saving them $5.6 billion a year.

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Report | CALPIRG | Financial Reform

No More Excuses from the Banks:

Too often homeowners—even those who pay their mortgage on time every month —encounter unnecessary obstacles such as paperwork, high fees and restrictive requirements when they try to refinance into today’s lower interest rates. This results in a needless drain on family income and a continuing drag on the housing market.

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