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

Report | TexPIRG | Budget, Financial Reform, Tax

What America Could Do with $150 Billion Lost to Offshore Tax Havens

Many corporations and wealthy individuals use offshore tax havens—countries with minimal or no taxes—to avoid paying $150 billion in U.S. taxes each year. By shielding their income from U.S. taxes, corporations and wealthy individuals shift the tax burden to ordinary Americans, who must pick up the tab in the form of cuts to public services, more debt, or higher taxes. The $150 billion lost annually to offshore tax havens is a lot of money, especially at a time of difficult budget choices. To put this sum in perspective, we present 16 potential ways that income could be used.

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News Release | TexPIRG | Financial Reform

New Report Highlights Reasons for New Consumer Protections

TexPIRG Education Fund and Americans for Financial Reform released the report to highlight that on July 21 the Consumer Financial Protection Bureau (CFPB) starts its job as the first federal agency with the sole mission of ensuring fair play in the consumer financial marketplace. Nearly three-quarters of voters (74%) are in favor of the agency. The report makes clear just how important the CFPB is to protecting consumers.

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News Release | TexPIRG | Financial Reform

New consumer agency starts to protect Americans from deceptive practices

Statement of Melissa Cubria, TexPIRG, On Passage of HR 1315  to Weaken Consumer Financial Protection Bureau

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News Release | TexPIRG | Financial Reform

Historic Wall Street Reform Ready For Final Passage

Responding to the worst financial crisis since the Great Depression, the Senate this morning passed a motion to proceed (“cloture vote,” with 60 “Yes” votes required) on the Wall Street reform legislation.

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Report | TexPIRG | Financial Reform

Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees.

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News Release | TexPIRG | Financial Reform

Big Banks Cash In On Unemployment

The coalition Americans for Financial Reform, released the following statement on Friday concerning the practice of big banks, like Citi, Wells Fargo, JPMorgan Chase, and Bank of America, of fleecing the unemployed through their debit cards.

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Media Hit | Financial Reform

Kingsville Record: House stands with consumers against big banks

The new financial reform legislation passed by the House of Representatives on Friday is an important step towards protecting consumers and taxpayers from reckless financial practices, according to Texas Public Interest Research Group, a statewide consumer advocacy organization.

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News Release | TexPIRG | Financial Reform

House Stands With Consumers Against Big Banks

The new financial reform legislation passed by the House of Representatives on Friday is an important step towards protecting consumers and taxpayers from reckless financial practices, according to Texas Public Interest Research Group, a statewide consumer advocacy organization.

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News Release | TexPIRG | Financial Reform

TexPIRG applauds House committee vote to advance landmark consumer agency to replace system that failed

Today, the U.S. House Financial Services Committee approved landmark reform legislation establishing a proposed Consumer Financial Protection Agency, despite “often blatantly false attacks from industry opponents.” 

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News Release | TexPIRG | Financial Reform

TexPIRG's Wall Street Bailout Briefing #7

"Transparency about monetary policy also helps promote the accountability of the Federal Reserve to the Congress and the public,” reads the Federal Reserve’s website. That sounds great. And it couldn’t be more true.

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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.

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