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 | TexPIRG | Financial Reform

Committee Hearings on Homeowners' Rights

In hearings that lasted from four in the afternoon until nearly four in the morning, the House State Affairs Committee heard testimony Monday and early Tuesday from a large number of aggrieved citizens and several consumer advocacy groups on how to reform the Texas Residential Construction Commission (TRCC) and the Home Lemon Law.

> Keep Reading
News Release | TexPIRG | Financial Reform

Consumer Groups, Citizens, Present Dramatic Testimony at State Affairs Committee Hearings on Homeowners' Rights

In hearings that lasted from four in the afternoon until nearly four in the morning, the House State Affairs Committee heard testimony Monday and early Tuesday from a large number of aggrieved citizens and several consumer advocacy groups on how to reform the Texas Residential Construction Commission (TRCC) and the Home Lemon Law.

> Keep Reading
News Release | TexPIRG | Financial Reform

Coalition of Advocacy Groups Calls for Legislative Action on Behalf of Texas Homeowners

A coalition of consumer advocacy organizations including the Texas Public Interest Research Group (TexPIRG), Texas Watch and Home Owners for Better Building, are calling on the Texas Legislature to enact legislation to relieve the plight of Texas homeowners.

> Keep Reading
News Release | TexPIRG | Financial Reform

House Panel Votes To Gut Existing State Identity Theft Laws

The House Financial Services Committee voted today to repeal strict state notification and credit freeze laws that have helped to protect consumers from identity theft and financial fraud.  

> Keep Reading
News Release | TexPIRG | Financial Reform

Hard-Fought Texas Identity Theft Prevention Laws At Risk

Texas has been an early leader in the fight to prevent identity theft, but tough laws adopted in recent years are being threatened by an industry effort to preempt the standards at the federal law, warned a consumer advocacy group today. Senator Hutchison (R-TX) and other members of the Senate Commerce committee will vote on the proposal on Thursday.

> Keep Reading

Pages

View AllRSS Feed

DEFEND THE CFPB

Tell your representative 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 TexPIRG'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