Financial Reform

It Makes No Sense to Eliminate Successful CFPB, Weaken Wall Street Reforms

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The successful CFPB turns 6 years old tomorrow, July 21. It's already returned nearly $12 Billion to over 29 million consumers harmed by unfair financial practices. Here is a birthday look at the Consumer Bureau's body of work so far and why it makes no sense for Congress to roll it back at the request of Wall Street lobbyists and other special interests.

Telco, Cable Guys Assault State Broadband Privacy Efforts, Sacramento Key Battleground

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

After the new FCC chair and Congress rolled back pending Obama-era broadband privacy rules applying to collection and use of your personal information by Internet Service Providers (generally large telephone and cable companies) the states (and some cities) moved to replace protections. AT&T, Verizon and Comcast swiftly sent lobbyists out around the nation to quash the efforts. This week, Sacramento is under siege by a phalanx of ISP lobbyists as a key California proposal, AB375 (Chau) is considered. Key Senate committee votes occur Tuesday.

News Release | U.S. PIRG | Financial Reform

Statement On CFPB's Rule Restoring Rights To Take Wrongdoers To Court

Financial wrongdoers have long used mandatory arbitration clauses buried in small-print, take-it-or-leave-it contracts to prevent consumers from banding together to have their day in court. Our statement on the CFPB's important new rule restoring consumer rights to join class actions follows.

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

News Release | U.S. PIRG | Financial Reform

Statement Commending New Military Consumer Enforcement Act

Read our statement commending the introduction of the Military Consumer Enforcement Act by Sens. Jack Reed (RI), Sherrod Brown (OH) and others. These senators have the right idea-- strengthen the CFPB’s ability to protect servicemembers, veterans and their families. Why do others want to weaken the CFPB?

DEBT COLLECTION ABUSES LEADING SOURCE OF SERVICEMEMBER AND VETERAN COMPLAINTS TO CFPB

Boston, MA – Debt collection abuses were the leading source (32%) of 44,000 servicemember complaints to the Consumer Financial Protection Bureau (CFPB), according to a new report release today.  Further, Congress is taking up a bill this week intended to cripple the CFPB and would place servicemembers, veterans and their families in “financial harm’s way,” thereby threatening unit preparedness.

Report | MASSPIRG Education Fund | Consumer Protection, Financial Reform

Protecting the People Who Protect US

How the CFPB protects and serves our military service members and their families.

Protecting Those Who Serve

Boston, MA – Debt collection abuses were the leading source (32%) of 44,000 servicemember complaints to the Consumer Financial Protection Bureau (CFPB), according to a new report. Further,  Congress is taking up a bill this week  intended to cripple the CFPB and would place servicemembers, veterans and their families in “financial harm’s way,” thereby threatening unit preparedness.

PHH v. CFPB: The Latest Attack on the Consumer Bureau

By | Michael Landis
Litigation Director

Tomorrow, Wednesday, May 24, the full D.C. Circuit will hear oral argument in PHH v. CFPB—a case that could have a significant impact on the work of the most effective consumer protection agency that we have. Check out this blog and new short video from PIRG Litigation Director Mike Landis on why the idea of the Consumer Financial Protection Bureau needs no defense, only more defenders.

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