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

New Survey Shows Banks Still Hiding Fees from Consumers

A survey of more than 500 bank branches released today by the Texas Public Interest Research Group revealed that fewer than half of branches obeyed their legal duty to fully disclose fees to prospective customers, while one in four provided no fee information at all.

> Keep Reading
News Release | TexPIRG | Financial Reform

Professor Elizabeth Warren and New Consumer Bureau Launch Website – ConsumerFinance.gov – To Both Talk With and Listen To Consumers

Statement of TexPIRG Advocate Melissa Cubria on the launch of the Consumer Financial Protections Bureau's new website. 

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News Release | TexPIRG | Financial Reform

Consumer Financial Protection Bureau on Track for July Launch

Six months after Wall Street reform legislation creating the new Consumer Financial Protection Bureau (CFPB) was signed, a leading coalition released Halfway to the CFPB: An AFR Progress Report on “Standing Up” the New Consumer Financial Protection Bureau.

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News Release | TexPIRG | Financial Reform

House Approves Wall Street Reform Package

Responding to the worst financial crisis since the Great Depression, the House today approved the conference report on the Wall Street Reform and Consumer Protection Act, HR 4173. The bill is strong medicine to rein in Wall Street and protect consumers, investors and taxpayers from further financial meltdowns. 

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News Release | TexPIRG | Financial Reform

SENATE TAKES HISTORIC STEP TOWARD REINING IN WALL STREET, PROTECTING CONSUMERS

Senate passage of the Restoring American Financial Stability Act, S. 3217, tonight was long over-due and sets the stage for final passage of an historic reform. This bill to rein in Wall Street is a bill that Main Street will like. While the bill isn’t perfect, it includes strong measures to rein in Wall Street’s casino bets, regulate the shadow derivatives markets, protect consumers and prevent future economic meltdowns.

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News Release | TexPIRG | Financial Reform

Statement of TexPIRG's Ed Mierzwinski on the House Passage of the federal Credit Cardholders’ Bill of Rights

Tex PIRG commends the U.S. House for its overwhelming passage today of Rep. Carolyn Maloney (NY)’s Credit Cardholders’ Bill of Rights. For too long, owning a credit card company has been a license to steal.

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News Release | TexPIRG | Financial Reform

Statement of U.S. PIRG Consumer Program Director Ed Mierzwinski on Final Passage of Wall Street Bailout Legislation Today

U.S. PIRG is deeply disappointed that Congress punted on enacting critical protections for taxpayers and homeowners in the Wall Street bailout legislation passed today. 

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News Release | TexPIRG | Financial Reform

Defeat of Wall Street Bailout

Today the House of Representatives listened to concerned Main Street voters and taxpayers and defeated a defective Wall Street bailout.

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News Release | TexPIRG | Financial Reform

Consumer Advocates Applaud Representative Todd Smith for filing House Bill 2008

House Bill 2008, authored by Representative Todd Smith (R-Bedford), would greatly assist homeowners by enacting critical and necessary reforms to the Texas Residential Construction Commission (TRCC), according to consumer groups.

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News Release | TexPIRG | Financial Reform

TRCC Bill A Step in the Right Direction, But Only a Modest Step

HB 1038 does achieve some small measure of TRCC reform, but the commission and its appeals process are still a long way from reaching the standard for consumer protection and consumer rights originally envisioned. 

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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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