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 | 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.

> Keep Reading

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.

> Keep Reading

3 Boston area banks ranked among worst on complaints

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

> Keep Reading
News Release | MASSPIRG Education Fund | Consumer Protection, Financial Reform

New Report Identifies Banks Consumers Complain About

New report highlights banks that generated the most complaints through their various banking services in each state. Thousands of Americans are using the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database to settle disputes with their banks, according to a new report from the MASSPIRG Education Fund.

> Keep Reading
Report | MASSPIRG Education Fund | Consumer Protection, Financial Reform

Big Banks, Big Complaints

New report by MASSPIRG Education Fund highlights banks that generated the most complaints through their various banking services in each state. Data from new CFPB consumer complaint data base.

> Keep Reading

Pages

News Release | MASSPIRG | Consumer Protection, Financial Reform

Wall Street speculation costs consumers 83 cents a gallon at the gas pump

Excessive Wall Street speculation on oil futures translates to an increase of 83 cents a gallon.

> Keep Reading
News Release | MASSPIRG | Consumer Protection, Financial Reform

Congress Handcuffing the Consumer Cop

The Credit CARD Act, passed in Congress in 2009, has eliminated numerous credit card tricks and traps without causing skyrocketing interest rates or any of the other horrible side-effects that the banks once warned about. In spite of that success, the banks and their Congressional allies are now seeking to eliminate the CFPB.

> Keep Reading
News Release | MASSPIRG | Consumer Protection, Financial Reform

Senate Republicans to President Obama re: gutting the Consumer Financial Protection Bureau (CFPB)

United States Senator Richard Shelby (R-AL), ranking member on the Senate Banking Committee, along with Republican leader Mitch McConnell (KY) and all but two of his 44 Republican colleagues in the U.S. Senate have told President Obama in a letter that there will be no deal on Elizabeth Warren or anyone else to run the CFPB unless it is weakened substantially as proposed in several bills being considered in Congress.

> Keep Reading
News Release | MASSPIRG | Democracy, Financial Reform

MASSPIRG Executive Director urging Senator Brown to support the DISCLOSE Act

MASSPIRG is strongly urging Senator Brown to stand up and support the DISCLOSE Act, which will require corporations to disclose their campaign contributions.

> Keep Reading
News Release | MASSPIRG | Consumer Protection, Financial Reform

Historic Wall Street Reform Passes Senate

Today the Senate passed the Wall Street Reform and Consumer Protection Act by a count of 60 to 39. The bill is a response to the worst financial crisis since the Great Depression.

> Keep Reading

Pages

View AllRSS Feed

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.

Support Us

Your donation supports MASSPIRG's work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code