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

Agency votes to begin rulemaking process to protect American children, firefighters from hazardous flame retardant chemicals

Today, the U.S. Consumer Product Safety Commission (CPSC) took three critical steps toward protecting consumers and firefighters from the hazards posed by a class of flame retardant chemicals (known as “organohalogens”). The CPSC directed the Commission’s staff to begin the rulemaking process to ban the sale of four categories of consumer products if they contain these chemicals. Once again, the CPSC has made an important action for consumers.

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Statement on Unilever Starting to Disclose Fragrances via SmartLabel

Statement from WISPIRG Foundation Toxics Advocate Dev Gowda on Unilever Starting to Disclose Fragrances via SmartLabel

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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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Texas Chemical Explosions: More Safety Needed Now

Two small explosions last night at a Texas chemical facility highlight that comprehensive emergency regulations need to be enforced more strictly at chemical plants.

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Statement on P&G’s Consumer Product Fragrance Disclosure Announcement

WISPIRG Foundation applauds consumer product giant Procter & Gamble, the maker of brands like Olay, Old Spice, and Pampers, for its announcement today that it will increase fragrance ingredient transparency in all of its consumer brands.

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News Release | WISPIRG Foundation | Consumer Protection

Report: Equifax/Experian/TransUnion Get Big Complaints

A new report by WISPIRG Foundation found that the most complained-about credit reporting agency in Wisconsin is Experian.  Millions of Americans have errors on their credit reports, which can affect the ability to get a loan, buy a house, rent an apartment, or even get a job.

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News Release | WISPIRG Foundation | Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to Wisconsin Public Interest Research Group’s [www.wispirg.org] 27th annual Trouble in Toyland report.

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Free checking still widely available, report says; some banks mum on fee info

Free checking can still be found at financial institutions in Wisconsin and nationwide, but consumers are more likely to see it at smaller banks and at credit unions than at some of the biggest banks, according to a survey by Public Interest Research Groups around the country.
Free checking can still be found at financial institutions in Wisconsin and nationwide, but consumers are more likely to see it at smaller banks and at credit unions than at some of the biggest banks, according to a survey by Public Interest Research Groupsaround the country. 

Read more: http://host.madison.com/business/free-checking-still-widely-available-report-says-some-banks-mum/article_a45e708c-2f79-11e2-8638-001a4bcf887a.html#ixzz2CVvvHGyc

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News Release | WISPIRG Foundation | Consumer Protection

New Survey Shows Free Checking Widely Available At Small Banks

A survey of 26 Wisconsin banks and credit unions and hundreds of banks and credit unions in 24 states and the District of Columbia found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released by the Wisconsin Public Interest Research Group (WISPIRG) also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all.

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News Release | WISPIRG | Consumer Protection

Poll Shows Voters Favor Strong Oversight of Wall Street and Back New CFPB

Financial reforms enacted in response to the financial meltdown remain popular with those likely to vote in 2012, a new opinion poll by Lake Research Partners shows. The poll was commissioned by AARP, National Council of La Raza (NCLR), the Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR). Saturday July 21 will mark the two year anniversary of the Dodd Frank Wall Street Reform and Consumer Protection Act, which created the Consumer Financial Protection Bureau (CFPB), a new agency with a strong record of successes for consumers despite facing constant unfounded political attacks in its first year of work.

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Even with the knowledge I’ve gained working as a consumer advocate for several years, getting my finances in order has been a work in progress. 

Blog Post

Until recently, I did not have estate and end-of-life planning in mind, but it was the natural next step in my quest to be a responsible adult, with a nudge from the existential threat of the COVID-19 pandemic.

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Advance directives are legal instructions that include a living will (different from a regular will) and a health care proxy. In them, you state what treatments you do or don’t want at the end of your life and who you want making health care decisions for you if you can’t. 

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Before listening to In Case You Get Hit By a Bus, I didn’t know about insurance that covers the costs of long-term care, such as home health care or nursing home care, for people who need assistance with daily living activities. 

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