Reining in Wall Street

STANDING UP FOR CONSUMERS IN THE FINANCIAL MARKETPLACE—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 for your money. You should be able to save, invest and generally manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future. 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. 

Since 2009, the solution has been clear. We need to have fair, clear, transparent and enforceable rules that protect consumers in the financial marketplace. Now, we know we can get there through the work of an agency that has those principles at the core of its mission — the Consumer Financial Protection Bureau.   

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, we’ve already seen their financial oversight return nearly $12 billion to consumers … in just five years. The CFPB holds big banks, debt collectors, and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on:


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 andTransUnion — 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.

But the CFPB doesn't just help consumers get their money back, it levels the financial playing field. The CFPB has several specialized departments for veterans, senior citizens, new homeowners, college students, and low-income consumers that seek to educate the public on how to stay safe and provide them with the tools they need to keep their finances secure.

Tell Your Senators: Stand Up For Consumers

Almost every day we hear about some new way of tricking, trapping and ripping off consumers. And despite the fact that tricks like these led directly to the 2008 financial collapse, some Wall Street banks are spending upwards of a million dollars every day to roll back the rules and the CFPB — the very agency that was created to keep them in check. Now, many legislators in Washington want to defund or destroy the CFPB.

Effective consumer protections aren't some sort of luxury we can't afford — they're hallmarks of a great country. As founders and leaders of the movement to create and protect the CFPB, we're working to make sure that our success not only sticks, but that we can build upon it.

Issue updates

Blog Post | Financial Reform

It Makes No Sense to Eliminate Successful CFPB, Weaken Wall Street Reforms | Ed Mierzwinski

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

> Keep Reading
Blog Post | Financial Reform

Telco, Cable Guys Assault State Broadband Privacy Efforts, Sacramento Key Battleground | Ed Mierzwinski

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

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

Statement On CFPB's Rule Restoring Rights To Take Wrongdoers To Court

Financial wrongdoers have long used mandatory arbitration clauses buried in small-print, take-it-or-leave-it contracts to prevent consumers from banding together to have their day in court. Our statement on the CFPB's important new rule restoring consumer rights to join class actions follows.

> Keep Reading
Blog Post | Financial Reform

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs and Consumer Lawyers | Ed Mierzwinski

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

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

Statement Commending New Military Consumer Enforcement Act

Read our statement commending the introduction of the Military Consumer Enforcement Act by Sens. Jack Reed (RI), Sherrod Brown (OH) and others. These senators have the right idea-- strengthen the CFPB’s ability to protect servicemembers, veterans and their families. Why do others want to weaken the CFPB?

> Keep Reading

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News Release | U.S. PIRG | Financial Reform

Statement On CFPB's Rule Restoring Rights To Take Wrongdoers To Court

Financial wrongdoers have long used mandatory arbitration clauses buried in small-print, take-it-or-leave-it contracts to prevent consumers from banding together to have their day in court. Our statement on the CFPB's important new rule restoring consumer rights to join class actions follows.

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

Statement Commending New Military Consumer Enforcement Act

Read our statement commending the introduction of the Military Consumer Enforcement Act by Sens. Jack Reed (RI), Sherrod Brown (OH) and others. These senators have the right idea-- strengthen the CFPB’s ability to protect servicemembers, veterans and their families. Why do others want to weaken the CFPB?

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

Statement on House Financial Services Committee Passage of HR 10, the Wrong Choice Act

Today, the House Financial Services Committee approved HR 10, the so-called Financial Choice Act, on a straight party-line vote. We call it the Wrong Choice Act. The bill eviscerates the successful CFPB, which has returned $11.8 Billion to over 29 million consumers in less than six years. The bill repeals much of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act enacted to protect us after the 2008 financial collapse. Our statement is below.

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

CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

We join National Consumer Law Center, Americans for Financial Reform and other leading groups in a release commending the appointment of senior Pentagon official Colonel Paul Kantwill (U.S. Army, Retired) to lead the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs. The CFPB plays an important role in protecting servicemembers, veterans and their families from financial predators.

> Keep Reading
News Release | CALPIRG Education Fund | Financial Reform

Big Banks Make Billions on Overdraft Fees

Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and non-sufficient funds fees, an increase of 3.6 percent over the same period in 2015. “Banks that relied most heavily on overdraft revenue had more complaints to the Consumer Financial Protection Bureau in the complaint category “account funds being low,” said Ruth Rothstein, a consumer advocate with CALPIRG Education Fund. “It’s clear that we need to protect a strong CFPB to make sure banks are following the law.”

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Report | U.S. PIRG | Financial Reform

Student, Education, and Consumer Groups Defend CFPB To Congress

On February 13, nearly 60 local, state and national student advocacy, professional, consumer, educational, faith and other organizations sent a letter to Congressional leaders expressing "strong support for the crucial work the Consumer Financial Protection Bureau (CFPB) does on behalf of student loan borrowers." The "borrower-focused" letter also urged Congress "to ensure the agency remains well-positioned to solve borrowers’ problems, which includes protecting the Bureau’s single-Director structure and its independent funding, and maintaining Director Richard Cordray until his term ends.

> Keep Reading
Report | CALPIRG Education Fund | Financial Reform

Big Banks, Big Overdraft Fees

Overdraft fees are a major source of consumer pain, since they are borne disproportionately by Americans with few financial resources. Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and NSF fees, an increase of 3.6 percent over the same period in 2015. American consumers should look to the Consumer Financial Protection Bureau (CFPB), which has already enforced overdraft regulations and returned millions of dollars to consumers, to take new action to prevent unfair overdraft fees.

> Keep Reading
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. 

> Keep Reading
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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Report | CALPIRG Education Fund | Budget, Democracy, Financial Reform, Tax

Tax Increment Financing: The need for transparency and accountibility in local economic development subsidies

Tax-increment financing (TIF) has been a widely used tool for municipalities seeking private investment. TIF allows cities and towns to borrow against an area’s future tax revenues in order to invest in immediate projects or encourage present development. When used properly, TIF can promote enduring growth and stronger communities for blighted neighborhoods; but TIF can also end up wasting taxpayer resources or channeling money to politically favored special interests.

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Blog Post | Financial Reform

It Makes No Sense to Eliminate Successful CFPB, Weaken Wall Street Reforms | Ed Mierzwinski

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

> Keep Reading
Blog Post | Financial Reform

Telco, Cable Guys Assault State Broadband Privacy Efforts, Sacramento Key Battleground | Ed Mierzwinski

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

> Keep Reading
Blog Post | Financial Reform

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs and Consumer Lawyers | Ed Mierzwinski

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

> Keep Reading
Blog Post | Financial Reform

PHH v. CFPB: The Latest Attack on the Consumer Bureau | Michael Landis

Tomorrow, Wednesday, May 24, the full D.C. Circuit will hear oral argument in PHH v. CFPB—a case that could have a significant impact on the work of the most effective consumer protection agency that we have. Check out this blog and new short video from PIRG Litigation Director Mike Landis on why the idea of the Consumer Financial Protection Bureau needs no defense, only more defenders.

> Keep Reading
Blog Post | Financial Reform

Banks Cook Books To Promote Wrong Choice Act, Attack CFPB | Ed Mierzwinski

Today the House Financial Services Committee takes up the so-called Financial Choice Act, which we call the Wrong Choice Act, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and leave the CFPB an unrecognizable husk incapable of protecting consumers. Some 52 state bank associations urged support of the bill, based on a "cook-the-history-books" analysis of bank consolidation, which has not increased since 2010, even though they make the claim based on preposterous math.

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DEFEND THE CFPB

Tell your senators 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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