Financial Reform

News Release | WashPIRG | Financial Reform

If the CFPB is Weakened, Won't the Credit Bureaus Run Amok (Again?)

A leading consumer group warned that special interest attacks designed to weaken the Consumer Financial Protection Bureau would also jeopardize its efforts to rein in the Big Three credit bureaus, which make mistakes that deny financial or employment opportunity to millions. The group added that since 2011 the successful CFPB has returned nearly $12 billion to 29 million consumers harmed by Wall Street banks, debt collectors, payday lenders, credit bureaus and other financial players.

If the CFPB Is Weakened, Won’t the Credit Bureaus Run Amok (Again?)

By | Ed Mierzwinski
Consumer Program Director

The CFPB is doing incredible work defending consumers. You may not know how much of that work involves cleaning up the sloppy credit bureaus. Congressional and special interest attacks on the CFPB will slow all or stop all CFPB work. It will let the bureaus run amok, again, placing your credit score and financial opportunity and job prospects at risk.

Report | U.S. PIRG | Financial Reform

Student, Education, and Consumer Groups Defend CFPB To Congress

On February 13, nearly 60 local, state and national student advocacy, professional, consumer, educational, faith and other organizations sent a letter to Congressional leaders expressing "strong support for the crucial work the Consumer Financial Protection Bureau (CFPB) does on behalf of student loan borrowers." The "borrower-focused" letter also urged Congress "to ensure the agency remains well-positioned to solve borrowers’ problems, which includes protecting the Bureau’s single-Director structure and its independent funding, and maintaining Director Richard Cordray until his term ends." (Letter below and attached as pdf).

Reining in Wall Street

Standing up for consumers against reckless banking and financial practices.

News Release | WashPIRG | Financial Reform

Consumer Bureau Under Attack

Since 2011, the Consumer Bureau has served as a wildly successful and accountable watchdog over unfair & greedy practices by companies offering financial products like mortgages, student loans, and credit cards. It has implemented fair rules of the road that have evened the playing field for responsible consumers and businesses alike. It is protecting students, seniors, service members and the rest of us too.

News Release | U.S. PIRG | Financial Reform

CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

We join National Consumer Law Center, Americans for Financial Reform and other leading groups in a release commending the appointment of senior Pentagon official Colonel Paul Kantwill (U.S. Army, Retired) to lead the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs. The CFPB plays an important role in protecting servicemembers, veterans and their families from financial predators.

This week, the Consumer Financial Protection Bureau nailed two "big 3" credit bureaus --Trans Union and Equifax -- for deceptive marketing of their over-priced, under-performing credit monitoring subscription products.  Combined fines and consumer restitution total $23 million. I predict that the CFPB will also bring a case against the remaining bureau, Experian, and that it will pay much more, because Experian really has led the way in aggressively marketing these tawdry products. They don't prevent identity theft, nor do they always accurately disclose your credit score, at fees of up to $16.95/month or more. Yikes!

News Release | U.S. PIRG | Financial Reform

Overdrafts continue to hit students hard on campus

Today, the Consumer Financial Protection Bureau (CFPB) released a report shining a spotlight on contracts between banks and colleges to promote debit cards on campus.  Students continue to get hit hard with overdraft fees attached to their campus bank accounts. According to the report, nearly one in ten consumers in the population with student accounts incurred 10 or more  overdrafts per year, paying, on average, $196 in overdraft fees alone. Below is a detailed analysis by US. PIRG's Chris Lindstrom, who championed the protections that the CFPB is reporting on. This report is one more example of why we need a strong CFPB. 

Beat High Bank Fees

Banks rely on consumer indifference when they raise fees. They count on consumers not shopping around. PIRG’s Big Banks, Bigger Fees reports routinely find that small banks and credit unions are not following the big banks’ lead; they still offer many free or low cost accounts.

News Release | WashPIRG Foundation | Financial Reform

Report: Analysis of Payday Complaints Reveals Need for Stronger Federal Protections

Consumer complaints about payday loans to the Consumer Financial Protection Bureau (CFPB) show a critical need for strengthening the agency’s proposed rule to rein in payday loans and other high-cost lending, according to a report released today by the WashPIRG Foundation.

Pages

Subscribe to RSS - Financial Reform

Defend the CFPB

Tell your senators 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 WashPIRG’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