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 response to a tidal wave of unfair marketplace practices, the CFPB asked the public to submit comments on the impact of junk fees on their lives. Some 2,500 comments later, consumers have described the pain points caused by unfair junk fees.
Cover graphic courtesy Student Borrower Protection Center, used by permission
Today, Maryland PIRG Foundation released a report highlighting the increased consolidation of farm equipment dealerships, reducing the options that farmers have for repair.
Modern farm equipment, like so many other products in our lives, runs on software. While the new technology has helped farmers increase productivity, it has also allowed manufacturers to lock down the repair process. Only manufacturer-branded technicians can access critical software tools needed to fix modern tractors, so farmers cannot repair their own equipment or hire an independent technician to do it for them. In response, farmers across the country have joined the call for Right to Repair reforms, which would expand repair choice by giving farmers and independent mechanics access to necessary repair materials at a fair and reasonable price.
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.
Latest Reports
Tools & Resources
-
Phthalates Fact Sheet
Maryland PIRG -
Tips to Avoid Toxic Flame Retardants
Washington Toxics Coalition and Safer States -
Leading Groups Send Criteria for Evaluating VW Settlement
Seeking Compensation for Consumers and Environment
Our Affiliates
Support us
Your tax-deductible donation supports Maryland PIRG Foundation's work to educate consumers on the issues that matter, especially when powerful interests are blocking progress.
Learn More
You can also support Maryland PIRG Foundation’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations.