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

Report | WISPIRG Foundation | Consumer Protection

Wisconsin’s Debt Trap

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.

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News Release | US PIRG Education Fund | Public Health, Consumer Protection

Statement: New FDA plan to reduce toxic metal in baby food falls short

A month after announcing a weak plan to reduce heavy metals in baby food, the Food and Drug Administration (FDA) announced a new plan Thursday aimed at making baby food safer over the next several years.

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A week's worth of help and tips during Consumer Protection Week

Being a consumer is a tough job. Really tough. During National Consumer Protection Week, which runs through March 6, the U.S. PIRG Education Fund staff is offering a daily dose of tips and advice to help you navigate life’s biggest consumer challenges.

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News Release | US PIRG Education Fund | Consumer Protection

FTC settles first case against VoIP provider for allowing illegal robocalls

This FTC settlement must be a wake-up call to phone service providers so they do more to protect consumers. If not, the FTC must be vigilant in going after companies that enable the immoral practice of preying on consumers. And the FCC should require providers to block spoofed calls that we all know are scams.

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News Release | U.S. PIRG Education Fund | Consumer Protection, Food

New investigation: Supermarkets failing to warn public about food recalls

Americans are not hearing about food recalls, and that communication breakdown is having serious repercussions for public health. A new report finds that most grocery stores -- which should be one of the best places to learn about recalls -- don’t make it easy for consumers to uncover this information.

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News Release | U.S. PIRG | Consumer Protection

Hack doesn’t absolve Equifax of being careless with consumers’ data

Congress must hold companies accountable for failing to protect condumers' confidential information.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Deadly infant products sold after recalls at T.J. Maxx, Marshalls, HomeGoods

The U.S. Consumer Product Safety Commission (CPSC) announced today that discount stores T.J. Maxx, Marshalls and HomeGoods sold 19 different recalled products to consumers between 2014 and 2019. In the case of five products, the stores’ parent company TJX initiated the recall. The products included the Rock ‘N Play and Kids II inclined infant sleepers, which are responsible for a number of fatalities, rattles that can break and pose a choking hazard, and electronics that overheat or explode.

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News Release | U.S. PIRG Education Fund | Consumer Protection

Heartburn medication recalls continue due to carcinogen concerns

The U.S. Food and Drug Administration (FDA) has confirmed today that the drug manufacturers Dr. Reddy’s and Perrigo have initiated a voluntary recall of all of their generic versions of Zantac (ranitidine) -- commonly used to treat heartburn -- due to carcinogen contamination.

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Report | WISPIRG Foundation | Consumer Protection

Big Banks, Bigger Fees 2012

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the state PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees.  Over the last six months, state PIRG staff conducted inquiries at 250 bank and 116 credit union branches in 17 states and the District of Columbia and reviewed bank fees online in these and 7 other states.

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Report | WISPIRG Foundation | Consumer Protection

Poison in Paint, Toxics in Toys

For the first time more than 650 brand name household products that contain one of two toxic chemicals of high concern, NPEs (nonylphenol ethoxylates) and BPA (bisphenol A), have been publicly identified. Twenty-five manufacturers reported their use of NPEs and BPA in consumer products sold in Maine under a 2008 state law on chemical safety.

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Report | WISPIRG Foundation | Consumer Protection

Trouble in Toyland 2010

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

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Report | WISPIRG Foundation | Consumer Protection

Trouble in Toyland 2011

Dangerous or toxic toys can still be found on America’s store shelves, according to the Wisconsin Public Interest Research Group’s (WISPIRG) 26th annual Trouble in Toyland report.

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Report | WISPIRG | Consumer Protection

Recipe for Disaster

According to this study, 54 recalls have occurred in Wisconsin due to contamination by Salmonella and other bacteria related to food borne illness in the last 14 months.

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Blog Post | Consumer Protection

On Veterans Day, How The CFPB Helps Veterans, and All of Us | Ed Mierzwinski

Columnist George Will recently (and not for the first time) urged Congress to “abolish the Consumer Financial Protection Bureau.” His reasons may seem to come from his conservative philosophy, but merely pander to the powerful Wall Street interests that left our economy in ruins just a few years ago. As a counterbalance, let’s discuss some recent speeches and statements by CFPB Director Richard Cordray on his vision for the bureau and some of its current work, including – on this Veteran’s Day – its efforts to protect military families from financial predators.

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Blog Post | Consumer Protection

These are 10 of many reasons we need the CFPB! | Bruce Speight

For the first time, a federal financial agency has placed consumers at the center of its work. That agency, the Consumer Financial Protection Bureau (CFPB), turns one year old on July 21, 2012.  Here are 10 of many reasons we need the CFPB.

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Blog Post

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.

Blog Post

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. 

Blog Post

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. 

Blog Post

Getting my finances in order has been a work in progress over several years, starting with tackling credit card debt, paying off my car loan and then building an emergency fund. 

After clearing those hurdles, I set more defined financial goals and plans in motion this year, including automatic deposits into new investment accounts.

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