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 | WISPIRG Foundation | Consumer Protection

Parents Beware - Many Toys Still Toxic, Hazardous

Dangerous or toxic toys can still be found on America’s store shelves, the Wisconsin Public Interest Research Group (WISPIRG) announced today in its 25th annual Trouble in Toyland report. 

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News Release | WISPIRG | Consumer Protection

Parents Beware - Many Toys Still Toxic, Hazardous

Dangerous or toxic toys can still be found on America’s store shelves, Wisconsin Public Interest Research Group (WISPIRG) announced on Tuesday in its 24th annual Trouble in Toyland report.  The group also highlighted the need for state action to protect children from bisphenol-A (BPA), a toxic chemical linked to cancer, diabetes, early onset puberty, obesity and hyperactivity that is commonly found in baby bottles and sippy cups.

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News Release | WISPIRG Foundation | Consumer Protection

New Report Details Economic Stimulus Potential of Green Buildings and Energy Efficiency

Aggressive energy saving policies would provide for ongoing economic stimulus, saving consumers money, creating jobs and driving Wisconsin’s economy, according to a new report released today by the Wisconsin Public Interest Research Group (WISPIRG).

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News Release | WISPIRG Foundation | Consumer Protection

Retailers Misleading Consumers on the Digital Television (DTV) Transition

In one year, 22 million Americans who rely on free over-the-air analog broadcasting – including many elderly and other vulnerable populations – will be at risk of losing access to TV, which for many is a primary source of news and emergency information as well as entertainment.

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Report | WISPIRG Foundation | Consumer Protection

Mixed Signals

WISPIRG has conducted “secret shopper” surveys at 132 electronics stores in ten states – including Madison and Milwaukee in Wisconsin – to determine if America’s big electronics retailers are properly preparing their customers for the digital transition. The results were released in WISPIRG’s new report: “Mixed Signals: How Retailers Mislead Consumers on the Digital Television (DTV) Transition.”

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Pages

News Release | US PIRG

Beech-Nut will stop selling all single grain rice cereal after Alaska state officials discovered high arsenic levels during routing sampling, the U.S. Food & Drug Administration (FDA) said in a statement released Tuesday.

News Release | US PIRG

The U.S. Consumer Product Safety Commission approved tough new standards Wednesday to regulate several infant sleep products for the first time.

Report | WISPIRG Foundation

This report analyzes the 10 high-cost lending companies with the most locations in Wisconsin and provides recommendations for protecting Wisconsinites from high-cost debt traps.

News Release | WISPIRG Foundation

High-cost lenders have changed the tactics they use to gather exorbitant interest payments from Wisconsinites struggling with their finances, according to a new report, Wisconsin’s Debt Trap, released Thursday by WISPIRG Foundation. A decade after the state legislature redefined “payday loans,” only two of the top 10 high-cost lenders now offer those products, while most offer installment loans.

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