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

CFPB Finds So-Called Overdraft Protection Costs Some $450/Year | Ed Mierzwinski

This week, the Consumer Financial Protection Bureau (CFPB) rolled out draft "Know Before You Owe" disclosures for banks marketing so-called "Standard Overdraft Protection," a controversial product that requires consumers to "opt-in" for the "privilege" of overdrafting debit and ATM transactions for a so-called convenience fee averaging $34. It also  released a study that finds that at-risk consumers who opt-in pay $450/year more in fees than other at-risk consumers.

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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.

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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.

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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.

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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.

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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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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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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."

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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."

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News Release | CALPIRG | Consumer Protection, Financial Reform

President Appoints Richard Cordray To Head Consumer Agency

“For months Wall St. has been using every trick in the book to try and derail this nomination and ultimately undermine the entire consumer bureau,” said Pedro Morillas, CALPIRG Legislative Director. “Today’s appointment is a bold and important step by the President that will allow the CFPB to get to the important work of protecting consumers.”

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Blog Post | Financial Reform

We oppose latest effort to weaken CFPB, other bank regulators | Ed Mierzwinski

Today, the House Financial Services Committee holds its latest cattle-call markup of a package of industry-backed bills designed to weaken consumer, taxpayer, depositor and investor protections. We've signed a letter opposing the so-called TAILOR (Taking Account of Institutions with Low Operation Risk) Act, which piles redundant requirements onto the Consumer Financial Protection Bureau and other regulators to do what they already do by existing law--treat small banks and credit unions differently than mega-banks. Also, the PIRG-backed Americans for Financial Reform sent up a letter opposing the TAILOR Act and 6 more of the 10 bills on the agenda because they are designed to weaken consumer, taxpayer, depositor and investor protections.

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Blog Post | Consumer Protection, Financial Reform

100+ Groups Oppose Provisions That Threaten Public Protections | Mike Litt

The White House is expected to release its fiscal year 2017 budget proposal tomorrow. U.S. PIRG and various state PIRGs joined a coalition of more than 100 groups that sent the following letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders. 

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Blog Post | Financial Reform

CFPB Criticizes Banks Re Account Opening and Overdrafts, Offers Consumer Tips | Ed Mierzwinski

Today, the CFPB is holding a field hearing in Louisville on problems consumers face when opening bank accounts. It finds that big banks frequently offer consumers expensive accounts where they risk overdraft fees instead of affordable accounts. Further, the CFPB finds that the practices of specialty "bad check" credit bureaus make it harder to open accounts. The CFPB issued warnings to both the banks and credit bureaus while providing consumers with new tips and advice.

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Blog Post | Financial Reform

Debating trade and consumer protection in Brussels today | Ed Mierzwinski

I am in Brussels today debating consumer protection and the proposed US-European trade treaty known as the TransAtlantic Trade and Investment Partnership or TTIP. Today's public event, and a second public meeting tomorrow (Wednesday with live webstream 9am-noon DC time) comparing the CFPB to its European counterparts, are sponsored by the PIRG-backed TransAtlantic Consumer Dialogue.

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Blog Post | Financial Reform

House Committee Launches Trojan Horse Assault On State Privacy Laws | Ed Mierzwinski

This afternoon (Tuesday, 8 December), the U.S. House Financial Services Committee launches a massive attack on state privacy laws. Hidden inside a seemingly modest proposal to establish federal data breach notice requirements is a Trojan Horse provision designed to to take state consumer cops off the privacy beat, completely and forever. That's wrong, because the states have always been key first responders and leaders on privacy threats that Congress has ignored, from credit report accuracy and identity theft to data breaches and do-not-call lists.

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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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