Defend the Consumer Bureau
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 to earn your money. You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future.
That’s why we need strong consumer protections on Wall Street. 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. It made it clear: Americans need a watchdog agency on Wall Street, devoted to creating and enforcing fair, clear and transparent rules to protect consumers.
So in 2010, we helped create the Consumer Financial Protection Bureau (CFPB) to be our consumer cop on the financial beat.
THE CFPB GETS THE JOB DONE
Despite the fact that the CFPB is not widely known, they’ve been hugely successful at working for consumers, returning nearly $12 billion to more than 29 million people who were ripped off by companies that broke the law … in just six years.
The Consumer Bureau holds big banks, debt collectors and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on to protect consumers:
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.
In addition, the Consumer Bureau has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.
The Consumer Bureau's success should be earning it applause in Washington. Yet instead of cheering on the agency, the Trump administration and many members of Congress are pushing to weaken or even get rid of it.
Even with the Consumer Bureau on the job, many Americans are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the Consumer Financial Protection Bureau to exist: We need to make it even better, by strengthening commonsense consumer protections.
Issue updates
Salt River Project (SRP) is rushing a decision to spend nearly $1 billion in customer money for 16 new gas units. However, SRP has not disclosed how much this will cost the average ratepayer nor have they adequately requested or evaluated options to meet electricity demands or reviewed options to spend less money.
According to the Arizona PIRG Education Fund, many farm equipment manufacturers prevent farmers from accessing the software tools they need to fix their modern tractors. The organization states that this “forces farmers to turn to corporate-authorized dealers for many problems, which can lead to high repair bills and delays that can put their crops—and their livelihoods—at risk”. While farmers have always relied on local dealerships for help, more and more those dealerships have been bought up by large chain networks, further reducing competition and exacerbating the problems farmers already face due to repair restrictions.
According to a new Arizona PIRG Education Fund report, software repair locks tie farmers to dealers, putting equipment uptime—and sometimes crops—at risk. Farmers and ranchers rely on equipment such as tractors and combine harvesters to produce America’s food supply. Over the years, that equipment has gotten bigger, more expensive and more digital. The software integrated in modern tractors, ostensibly created to make farm operations more efficient, is being used by manufacturers to lock farmers out of fixing their own equipment.
Cuando una estufa de gas típica no se ventila adecuadamente, puede producir niveles de contaminación del aire en interiores que exceden los estándares del aire exterior. Sin embargo, millones de personas en todo el país dependen de las estufas de gas para cocinar. Los estudios muestran que muchos hogares no cuentan con campanas de escape o no las usan regularmente, lo que significa que sus estufas no se ventilan adecuadamente. Según la organización Arizona PIRG Education Fund, parte del problema es que los comerciantes no proporcionan advertencias adecuadas para informar a los consumidores de los peligros o la necesidad de ventilación.
The Southwest Energy Efficiency Project (SWEEP) and Arizona PIRG Education Fund denounced today’s action by the Arizona Corporation Commission to put an end to Energy Rules that would have ramped up energy-saving measures and saved Arizonans billions of dollars on their utility bills.
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