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

News Release | Financial Reform

House Kneecaps Wall Street Reform Funding, But Goal is Worse

New In the Public Interest column today on The Huffington Post by Ed Mierzwinski, Consumer Program Director for U.S. Public Interest Research Group (U.S. PIRG).

> Keep Reading
News Release | Financial Reform

Consumer Financial Protection Bureau on Track for July Launch

Six months after Wall Street reform legislation creating the new Consumer Financial Protection Bureau (CFPB) was signed, a leading coalition released Halfway to the CFPB: An AFR Progress Report on “Standing Up” the New Consumer Financial Protection Bureau.

> Keep Reading

Proposed Interchange Fee Reduction is a Win for Consumers

Today ConnPIRG applauded the proposed regulations of the Federal Reserve Board of Governors to decrease swipe fees on debit card transactions.  Consumers however, hope to see the Fed adopt a much greater reduction in interchange fees in the final rule due in April, 2011.

> Keep Reading
News Release | Democracy, Financial Reform, Tax

Foreign Funds in American Elections

This week we learned that the U.S. Chamber of Commerce could be using money from foreign corporations to fund attack ads in our elections. According to reporting released by Think Progress, the U.S. Chamber of Commerce, collects hundreds of thousands of dollars from foreign owned businesses, including companies owned by foreign governments. The Chamber has already run more than 8,000 attack ads and according to the Washington Post, the U.S. Chamber of Commerce “vows to spend $75 million or more on November's midterm election cycle.”

> Keep Reading
News Release | Financial Reform

Senate Financial Reform Bill - Some Improvements, More Needed

The Connecticut Public Interest Research Group applauds Chairman Christopher Dodd and a majority of the Senate Banking Committee for Monday evening’s vote to move a Wall Street reform package to the Senate floor.

> Keep Reading

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The CFPB is under attack, and we need to tell our Senators to stand up and protect our consumer cop.

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