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

News Release | U.S. PIRG | Consumer Protection

U.S. PIRG response to reports of Facebook security breach

Facebook announced today that earlier this week, "attackers exploited a vulnerability in Facebook’s code that impacted “View As”, a feature that lets people see what their own profile looks like to someone else. This allowed them to steal Facebook access tokens which they could then use to take over people’s accounts."

> Keep Reading
News Release | U.S. PIRG | Public Health, Consumer Protection, Health Care

Second recall of King Bio’s homeopathic drugs in the past month

King Bio Inc. issued the second significant voluntary recall since late July of their homeopathic drugs on Wednesday. Safety concerns over homeopathic drugs extend beyond King Bio as over the past several years, the FDA has issued recalls to several companies for a variety of health products from zinc-containing intranasal medicine to asthma drugs with toxic ingredients. 

> Keep Reading
Blog Post | Consumer Protection

ID Theft & Privacy Checklists | Mike Litt

Today, we're releasing our revamped Identity Theft and Online Privacy resources.

> Keep Reading
Report | WISPIRG Foundation | Consumer Protection

Trouble in Toyland

For over 30 years, the WISPIRG Foundation has conducted an annual survey of toy safety, which has led to over 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children. This year, WISPIRG Foundation staff once again looked for potentially unsafe toys. We discovered that unsafe toys remain widely available.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Target Removes Lead-Laden Fidget Spinner From Website, But Still Available For Sale In-Store

Since late yesterday afternoon, Target appears to have made the 33,000 ppm-lead containing Fidget Wild Premium Spinner Brass unavailable for sale on its website. U.S. PIRG Education Fund staff went to a Target store today and found the Fidget Wild Premium Spinner Brass was still available for sale in-store, despite the website saying it was unavailable there. Also yesterday, one of the CPSC’s Commissioners, Elliot F. Kaye, re-stated his opposition to the CPSC’s guidance and the acting chairman's statement when he tweeted, “Seems obvious fidget spinners are toys and should comply with all applicable federal safety standards.”

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News Release | U.S. PIRG | Consumer Protection

U.S. PIRG response to reports of Facebook security breach

Facebook announced today that earlier this week, "attackers exploited a vulnerability in Facebook’s code that impacted “View As”, a feature that lets people see what their own profile looks like to someone else. This allowed them to steal Facebook access tokens which they could then use to take over people’s accounts."

> Keep Reading
News Release | U.S. PIRG | Public Health, Consumer Protection, Health Care

Second recall of King Bio’s homeopathic drugs in the past month

King Bio Inc. issued the second significant voluntary recall since late July of their homeopathic drugs on Wednesday. Safety concerns over homeopathic drugs extend beyond King Bio as over the past several years, the FDA has issued recalls to several companies for a variety of health products from zinc-containing intranasal medicine to asthma drugs with toxic ingredients. 

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Target Removes Lead-Laden Fidget Spinner From Website, But Still Available For Sale In-Store

Since late yesterday afternoon, Target appears to have made the 33,000 ppm-lead containing Fidget Wild Premium Spinner Brass unavailable for sale on its website. U.S. PIRG Education Fund staff went to a Target store today and found the Fidget Wild Premium Spinner Brass was still available for sale in-store, despite the website saying it was unavailable there. Also yesterday, one of the CPSC’s Commissioners, Elliot F. Kaye, re-stated his opposition to the CPSC’s guidance and the acting chairman's statement when he tweeted, “Seems obvious fidget spinners are toys and should comply with all applicable federal safety standards.”

> Keep Reading
News Release | WISPIRG Foundation | Consumer Protection

High Levels of Lead Found in Fidget Spinners

WISPIRG Foundation staff found fidget spinners with high levels of lead for sale at Target stores across the country. Parents and consumers need to know about these lead-laden toys, especially because we alerted Target and the toy’s distributor, Bulls i Toy, to our findings, but they refused to address the problem. The toxic fidget spinners are still available both in toy aisles at Target stores and on its website.

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News Release | Consumer Protection

U.S. PIRG CONSUMER ADVOCATE MIKE LITT TESTIFIES AT CONGRESSIONAL HEARING ON EQUIFAX

Our Consumer Advocate, Mike Litt, was invited by Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, to testify this week at a Congressional hearing on the Equifax data breach. This was a continuation of the committee's previously held hearing on October 5th entitled "Examining the Equifax Data Breach."

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Report | WISPIRG Foundation | Consumer Protection

Trouble in Toyland

For over 30 years, the WISPIRG Foundation has conducted an annual survey of toy safety, which has led to over 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children. This year, WISPIRG Foundation staff once again looked for potentially unsafe toys. We discovered that unsafe toys remain widely available.

> Keep Reading
Report | WISPIRG Foundation | Consumer Protection

Lead In Fidget Spinners

While lead in toys has become less prevalent in recent years, the WISPIRG Foundation tested several models of one of today’s hottest toys, fidget spinners, for the toxic heavy metal. Laboratory results indicated that two fidget spinners purchased at Target and distributed by Bulls i Toy, L.L.C. contained extremely high levels of lead. The WISPIRG Foundation calls on Target and Bulls i Toy to immediately recall these two fidget spinners and investigate how such high levels of lead were found in these toys. We also call on the U.S.

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Report | WISPIRG Foundation | Consumer Protection, Financial Reform

Medical Debt Malpractice

Millions of Americans are contacted by debt collectors every year over debt related to medical expenses. "Medical Debt Malpractice" is the latest in our series based on analysis of complaints in the Consumer Financial Protection Bureau's public complaint database. The report demonstrates that the CFPB is a critical agency protecting consumers against unfair financial practices and needs to be defended against special interest attacks.

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Report | WISPIRG Foundation | Public Health, Consumer Protection

Trouble in Toyland 2016

For over 30 years, the WISPIRG Foundation has conducted an annual survey of toy safety, which has led to over 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children.

This year, WISPIRG Foundation staff examined toys recalled by the CPSC between January 2015 and October 2016 and looked at whether they appeared to still be available for sale online. 

> Keep Reading
Report | WISPIRG Foundation | Consumer Protection, Financial Reform

Stop Payday Predators

Payday loans are among the most predatory forms of credit on the market. Though they are marketed as having “reasonable” fees or charges, typical interest rates exceed 300 percent. And because the payday lenders’ bottom line actually depends on borrowers’ inability to repay — most payday fees come from borrowers who take out more than 10 loans a year — they target people with low incomes and no other options.

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Blog Post | Consumer Protection

ID Theft & Privacy Checklists | Mike Litt

Today, we're releasing our revamped Identity Theft and Online Privacy resources.

> Keep Reading
Blog Post | Consumer Protection

Consumer Tips and FAQ about the Equifax Breach | Mike Litt

Hackers gained access to the personal data of over 145 million Americans in the Equifax breach. Here are some recommended actions consumers can take to protect themselves and answers to frequently asked questions.

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Blog Post | Public Health, Consumer Protection

#KickTheCan: BPA still found in many grocery stores’ canned foods | Dev Gowda

We’re all told to watch out for BPA in drinking bottles and baby products. But how about BPA in the cans that contain our food? A recent study by Center for Environmental Health (CEH) reveals that the toxic chemical BPA is readily found in canned foods. BPAs are often used in the liners of canned food to keep the aluminum from interacting with the food.

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Blog Post | Consumer Protection, Financial Reform

Stop Payday Loan Sharks: Submit Your Comment Here | Peter Skopec

This opportunity doesn’t come around very often: we have a chance to stop the payday loan debt trap. Submit a public comment in favor of a strong payday loan rule here.

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Blog Post | Consumer Protection

Consumers Count: Five years of the CFPB standing up for consumers | Kathryn Lee

This week, the Consumer Financial Protection Bureau turns five years old! As part of our efforts to tell more people about the CFPB, we're cross-posting this video blog and comments written by Zixta Q. Martinez of the CFPB (check out the infographic at the end, too!).

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