Reining in Wall Street

STANDING UP FOR CONSUMERS IN THE FINANCIAL MARKETPLACE—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 for your money. You should be able to save, invest and generally manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future. 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. 

Since 2009, the solution has been clear. We need to have fair, clear, transparent and enforceable rules that protect consumers in the financial marketplace. Now, we know we can get there through the work of an agency that has those principles at the core of its mission — the Consumer Financial Protection Bureau.   

The CFPB Gets the Job Done

Despite the fact that the CFPB is not widely known, we’ve already seen their financial oversight return nearly $12 billion to consumers … in just five years. The CFPB holds big banks, debt collectors, and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on:


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 andTransUnion — 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.

But the CFPB doesn't just help consumers get their money back, it levels the financial playing field. The CFPB has several specialized departments for veterans, senior citizens, new homeowners, college students, and low-income consumers that seek to educate the public on how to stay safe and provide them with the tools they need to keep their finances secure.

Tell Your Senators: Stand Up For Consumers

Almost every day we hear about some new way of tricking, trapping and ripping off consumers. And despite the fact that tricks like these led directly to the 2008 financial collapse, some Wall Street banks are spending upwards of a million dollars every day to roll back the rules and the CFPB — the very agency that was created to keep them in check. Now, many legislators in Washington want to defund or destroy the CFPB.

Effective consumer protections aren't some sort of luxury we can't afford — they're hallmarks of a great country. As founders and leaders of the movement to create and protect the CFPB, we're working to make sure that our success not only sticks, but that we can build upon it.

Issue updates

News Release | Financial Reform

LOOKING BACK AT 2014: YEAR OF STOCKING STUFFERS FOR CRIMINAL CORPORATIONS

This was the year that billion-dollar settlements paid by corporations to atone for wrongdoing became normal -- and so many of those deals gave the corporations huge tax write offs at the expense of ordinary taxpayers.

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News Release | MASSPIRG | Financial Reform

Statement of MASSPIRG Executive Director Janet Domenitz Opposing “CRomnibus” Appropriations "Rider" to Repeal the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act

We join others, including Americans for Financial Reform and the Leadership Conference on Civil and Human Rights, in condemning this backdoor, backroom appropriations "rider" to weaken the Wall Street reform law's protections for taxpayers and Main Street from the risky derivatives swaps that led to the 2008 financial collapse and recession.

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Sovereign near top of regulator’s list of bank complaints

Two of the region’s biggest banks are near the top of a list of the most complained-about banks in the country.

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3 Boston area banks ranked among worst on complaints

New MASSPIRG Education Fund Report report ranks banks' record in generating and resolving consumer complaints. 

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News Release | MASSPIRG | Financial Reform

Remove Barriers to Low Interest Rates

Congress has a rare bipartisan opportunity to put more money in Americans’ pockets, strengthen the housing market and boost the entire economy.

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News Release | MASSPIRG | Financial Reform

Victory for the American Public, first step to making Big banks accountable

 

Banks will make $25 billion downpayement on penalties owed to the American people in a robo-signing lawsuit settelement, and they can still be held accountable for other violations. MASSPIRG Attorney comments on this victory for the American public.

 

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News Release | MASSPIRG | Consumer Protection, Financial Reform

President Gives Consumer Watchdog the Teeth it Needs

MASSPIRG Applauds Bold and Important Recess Appointment of Richard Cordray to Head New Consumer Financial Protection Bureau

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News Release | MASSPIRG | Consumer Protection, Financial Reform

MASSPIRG urges Senator Brown to vote for Wall Street Reform

We are here today to urge Congress to pass the Wall Street Reform and Consumer Protection Act approved last Friday in Conference Committee.

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News Release | MASSPIRG | Consumer Protection, Financial Reform

AG Coakley Announces Big Bank Foreclosure Suit

The reckless and predatory Wall Street practices collapsed our economy in 2008, causing trillions of dollars in lost savings, jobs and home ownership.  Today, Massachusetts Attorney General Martha Coakley filed suit against five national banks in connection with their roles in pursuing illegal foreclosures on properties in Massachusetts.

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Forgiving Fraud and Failure

Companies with immediate past histories of shoddy work and fraudulent practices are being rewarded with billions of dollars in federal contracts. The data suggest that the process by which the federal government currently spends $422 billion per year in taxpayer funds is insufficient to ensure that the American people receive good quality for goods and services purchased for the American people.

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2006 Congressional Score Card

The 2006 Scorecard looks at the most important public interest votes taken between February 9, 2005 and February 1, 2006 in the U.S. Congress. These votes determined the direction of federal policy on critical issues ranging from environmental preservation to health care to consumer protections.

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Who's Watching The Watchdogs?

Conflicts of interest and lack of independent funding have doomed both the national and state level accounting oversight systems in the United States. The state accounting boards and the network of overlapping, mostly self-regulatory federal accounting overseers act as classic regulators, serving management instead of serving investors and taxpayers.

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Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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