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.
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
In an effort to protect infants from unsafe consumer products, the U.S. House of Representatives on Wednesday passed the Safe Sleep for Babies Act of 2021.
Consumer complaints about peer-to-peer (P2P) payment apps such as PayPal, Venmo and Square have surged during the pandemic year. In April, there were 970 digital wallet complaints — almost double the previous monthly high from July 2020. Texas PIRG Education Fund analyzed this growing problem for Virtual Wallets, Real Complaints, a new analysis of the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database.
“People use peer-to-peer apps for convenience but there’s nothing more inconvenient than having your money inaccessible -- or even worse, going to the wrong person,” said TexPIRG Education Fund Director. “We’re seeing as more people turn to payment apps, more people are getting burned by related problems, including scams and fraud. And, more people are experiencing problems bad enough that they’ll go to a government website to register their complaints. It’s time for the CFPB to force the payment apps to provide better customer service.”
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.
The U.S. Consumer Product Safety Commission approved tough new standards Wednesday to regulate several infant sleep products for the first time.
Latest Reports
Tools & Resources
-
Leading Groups Send Criteria for Evaluating VW Settlement
Seeking Compensation for Consumers and Environment -
ANALYSIS: CORONAVIRUS SPIKE MOST SURGICAL MASK, SANITIZER PRICES AT LEAST 50% ON AMAZON
Protecting Consumers in the time of Coronavirus
Our Affiliates
Support Us
Your tax-deductible donation supports TexPIRG Education Fund's work to educate consumers on the issues that matter, and to stand up to the powerful interests that are blocking progress.
Learn More
You can also support TexPIRG Education Fund’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations.