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.

The CFPB fined Equifax and TransUnion — 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.

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

Blog Post | Consumer Protection

How the CFPB’s Data Keeps Getting Better and Better | Mike Litt

As the CFPB turns 4 years old on July 21, here is some information on how it works for you and how we at PIRG use its data to produce reports, such as our new report on mortgage complaints to the CFPB. We've also got some photos from the Americans for Financial Reform "CFPB at 4" event.

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Blog Post | Public Health, Consumer Protection

“What you don’t have can’t leak:” A political play in three acts | Carli Jensen

The scene: Washington, D.C. The cast of characters: the President, Environmental Protection Agency head Gina McCarthy, the chemical industry, communities, and advocacy groups across the nation.

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News Release | Arizona PIRG Education Fund | Consumer Protection

Arizona PIRG Education Fund Commends Release of Labor Dept.'s Proposed Rule To End Conflicted Retirement Advice

The Arizona PIRG Education Fund today commended the public release of the Department of Labor’s proposed rule that would strengthen the ability for Americans to save for retirement by addressing conflicts of interest that arise when brokers and financial advisers give retirement advice.

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Blog Post | Consumer Protection

CFPB Adds Consumer Stories to Public Complaint Database | Ed Mierzwinski

Yesterday, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

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News Release | Arizona PIRG Education Fund | Consumer Protection

Arizona PIRG Education Fund’s Annual Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to the Arizona PIRG Education Fund’s annual Trouble in Toyland report. The report reveals the results of laboratory testing on toys for toxic chemicals, including lead, chromium and phthalates, all of which can have serious, adverse health impacts on a child’s development. The survey also found examples of small toys that pose a choking hazard, extremely loud toys that threaten children’s hearing, and powerful toy magnets that can cause serious injury if swallowed.

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News Release | Arizona PIRG Education Fund | Consumer Protection

Arizona PIRG Education Fund Alerts Shoppers To Toy Hazards

Hazardous toys are still sold in stores across the country, according to the 21st annual toy safety survey released today by the Arizona PIRG Education Fund.  While we can report substantial progress after more than two decades of advocacy on behalf of America’s littlest consumers, the Arizona PIRG Education Fund still found trouble in toyland.

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News Release | Arizona PIRG Education Fund | Consumer Protection

Consumer Group Alerts Shoppers To Hidden Toy Hazards

Hazardous toys continue to be sold in stores across the country, according to the 20th annual toy safety survey released today by the Arizona PIRG Education Fund.

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News Release | Arizona PIRG Education Fund | Consumer Protection

New Report Documents Dangerous Chemicals in Baby Products

Toxic chemicals can be found in common baby products, according to a new report released today by the Arizona PIRG Education Fund. “The Right Start: The Need to Eliminate Toxic Chemicals from Baby Products” documents toxic chemicals, including phthalates and polybrominated diphenyl ethers (PBDEs), in teethers, bath books, and sleep accessories.

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Blog Post

Arizonans overwhelmingly embrace the idea of growing the state’s energy efficiency and renewable energy resources and believe clean energy is important to Arizona jobs and the economy, according to a new statewide poll.

News Release | Arizona PIRG Education Fund

The Arizona Corporation Commission voted at its February 6th, 2019 meeting to approve Tucson Electric Power’s (TEP) proposed energy efficiency programming budget of $22.9 million dollars. This approval will allow the Pima County utility to restore programs that have been on hold since their plan was initially released.

News Release | Arizona PIRG Education Fund

The Arizona PIRG Education Fund applauded state utility regulators for today’s important decision to protect ratepayers and consumers by extending a moratorium on new gas generation exceeding 150 megawatts.

Blog Post

Two of the world’s largest automakers, Ford and Volkswagen, announced at the Detroit Auto Show that they’re teaming up to build vehicles together. Although they are starting by developing commercial vans and medium-sized pickups, the companies agreed to "investigate" how they can work together to develop next generation vehicles, such as electric cars. 

News Release | U.S. PIRG Education Fund

While we are glad that Fiat Chrysler is paying something for damaging the health of Americans and deceiving customers, this settlement does not go far enough. It neither ensures these violations of the public trust won’t happen again nor makes consumers whole.

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