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

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. 

> 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
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:

 

> Keep Reading

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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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