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 | CALPIRG | Financial Reform

Using mortgage settlement funds in budget could cost CA in the long run

Sacramento, CA—In Governor Brown’s May revision of the budget he proposes spending $292 million of the national mortgage settlement to help fill the state’s budget gap this year, and the remaining $118 million next year. The majority of these funds, $198 million, will go toward paying off general fund bond debt in the current budget.

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Blog Post | Financial Reform

CFPB to announce mortgage servicing rules and other consumer news of the week | Ed Mierzwinski

(Update: phottos added.) Today, U.S. PIRG will be an invited guest as the Consumer Financial Protection Bureau proposes new mortgage servicing rules to prevent, among other things, a recurrence of the robo-signing scandal. Among the other important news items of the week, in case you missed it, Ohio has made it harder for aggrieved consumers to obtain redress when ripped off.

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Applauds CFPB Proposal To Regulate Biggest Credit Bureaus

“Last summer over 10,000 PIRG members submitted comments to the Consumer Financial Protection Bureau (CFPB) urging strict regulation of credit bureaus and credit scoring firms. We applaud the CFPB for its proposal today to subject the nation’s largest credit bureaus and credit scoring firms to full scrutiny as “larger participants” (CFPB pdf) in the financial marketplace."

> Keep Reading
News Release | U.S. PIRG | Financial Reform

U.S. PIRG Applauds CFPB Proposal To Regulate Biggest Credit Bureaus

“Last summer over 10,000 PIRG members submitted comments to the Consumer Financial Protection Bureau (CFPB) urging strict regulation of credit bureaus and credit scoring firms. We applaud the CFPB for its proposal today to subject the nation’s largest credit bureaus and credit scoring firms to full scrutiny as “larger participants” (CFPB pdf) in the financial marketplace."

> Keep Reading
Blog Post | Consumer Protection, Financial Reform

CFPB Director Cordray speaks on payday loans | Jon Fox

CFPB Director Cordray speaks on payday loans during field hearing in Birmingham, AL, 20 Jan. 2012.

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