Reining in Wall Street

STANDING AGAINST THE BIG BANKS AND WALL STREET—For more than 20 years, Consumer Program Director Ed Mierzwinski has helped us stand up against big banks and credit card companies.

OUR FISCAL FUTURE

For years federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks and unfair overdraft policies used by the big Wall Street banks. They also ignored warnings of risky securities being packaged and sold to investors.

Since winning federal Wall Street reform, we’ve been working to defend those reforms from the industry’s attempts to defang, defund or delay them, in particular the Consumer Financial Protection Bureau, which is the centerpiece of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

We’re working to:

Put consumers and taxpayers before big banks. Check irresponsible financial practices with new rules and stronger, independent enforcement by the Consumer Financial Protection Bureau.

Cover all players and transactions. Rein in hedge funds and reckless investments that escaped regulations, and traded without oversight on “shadow markets.” 

Control corporations that are “too big to fail.” Banks shouldn’t be able to freely gamble with taxpayer money covering the bets. We must rein in institutions whose risky investments threaten the larger economy.

In short, we’re fighting for a financial regulatory system that guarantees consumers and taxpayers are protected from the predatory practices at the heart of this problem. And we need to provide consumers a seat at the table when it comes to oversight of the nation’s financial system.

Issue updates

Blog Post | Financial Reform

As NY Brings Credit Bureaus To Heel, CFPB Arbitration Study Paves Way Toward New Protections | Ed Mierzwinski

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

> Keep Reading
Media Hit | Financial Reform

Credit Bureaus’ Deal to Improve Accuracy ‘Huge’ for Consumers

(Bloomberg) -- Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.[...] “It’s a sea change in the way the credit bureaus treat complaints,” said [U.S. PIRG's Ed] Mierzwinski. “The credit bureaus have been run by computers for years now. They’re going to have to hire more people and actually verify that what a creditor said is true.”

> Keep Reading
Blog Post | Financial Reform

Is Anyone Protecting Your Privacy Or Wallet? Turbotax? Anthem? Apple? The Government? | Ed Mierzwinski

As if recent privacy breaches at the online tax preparer Turbotax and the health insurer Anthem weren't enough, it turns out that low-tech hacks can trick the vaunted Apple Pay system into giving up cash to thieves, too. Meanwhile, while the administration's blueprint for a Privacy Bill of Rights in 2012 was excellent, its new legislative draft from the Department of Commerce could have been written by the U.S. Chamber of Commerce. There is some good news on privacy, though.

> Keep Reading
Blog Post | Financial Reform

Anthem Customers and Others: Some Advice On Steps To Take After Data Breach | Ed Mierzwinski

UPDATED (9 Feb.) Retail store data breaches make a mess, but an easy one to clean up and the few consumers who become fraud victims are quickly made whole. The Anthem hackers, on the other hand, reportedly obtained a mother lode of information that could be used to commit a variety of serious frauds, including obtaining your tax refund. Read our tips here. Here's the first: Don't click on any emails claiming to be from Anthem; some may be malicious.

> Keep Reading
Blog Post | Financial Reform

House Floor Vote on Budget Delayed over Special Interest "Riders" From Wall Street, Other Powerful Interests | Ed Mierzwinski

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

> Keep Reading

Pages

Media Hit | Financial Reform

Credit Bureaus’ Deal to Improve Accuracy ‘Huge’ for Consumers

(Bloomberg) -- Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.[...] “It’s a sea change in the way the credit bureaus treat complaints,” said [U.S. PIRG's Ed] Mierzwinski. “The credit bureaus have been run by computers for years now. They’re going to have to hire more people and actually verify that what a creditor said is true.”

> Keep Reading

Consumer Financial Protection Bureau helps with bank complaints

Since it started accepting complaints about banks 18 months ago, the Consumer Financial Protection Bureau has helped thousands of irate customers settle disputes over their accounts, with roughly 1 out of 4 complaints resulting in monetary relief, a just-released analysis by a consumer group shows.

> Keep Reading
News Release | PennPIRG Education Fund | Consumer Protection, Financial Reform

New Report Identifies Banks Consumers Complain About Most

Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the PennPIRG Education Fund. The report highlights banks that generated the most complaints through their various banking services in each state.

> Keep Reading
Media Hit | Financial Reform

Post-Gazette: Please protect consumers, Sen. Toomey

For more than two months, the Consumer Financial Protection Bureau -- a centerpiece of the 2010 Wall Street Reform and Consumer Protection Act -- has been up and running. It's the nation's first federal financial regulator with the singular duty of protecting consumers -- including, specifically, members of the armed services -- from unfair financial practices.

> Keep Reading

New Consumer Agency Takes Over Thursday as Nation’s Consumer Bank Cop

Philadelphia, PA—Leading consumer groups today announced the results of a poll showing that an overwhelming majority of likely voters both support a new consumer agency (74%) and want Wall Street held “accountable” (77%), along with a report documenting “10 reasons” consumers need the new Consumer Financial Protection Bureau.  The Bureau will take over enforcement of all major consumer laws on Thursday, July 21. The groups called for the Senate to vote to confirm former Ohio Attorney General Rich Cordray as its director, so that the CFPB is able to fulfill the promise of consumer financial protection.

> Keep Reading

Pages

A VICTORY FOR CONSUMERS OVER WALL STREET

Even after the financial crisis, lobbyists for the big banks and credit card companies furiously opposed pro-consumer provisions in the Wall Street reform law. We helped convince Congress to ignore them and create a Consumer Financial Protection Bureau.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Ten Reasons We Need Consumer Financial Protection

For years leading up to the 2008 financial collapse, federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks and unfair overdraft policies used by banks. The banks were earning billions from “gotcha” practices. Incredibly, bank regulators actively encouraged this behavior, arguing it was profitable and kept banks safe. No regulator cared about its other (and, to them, secondary) job: enforcing consumer laws. Some regulators rejected the role and even actively worked to prevent states from carrying it out.

> Keep Reading
Blog Post | Financial Reform

As NY Brings Credit Bureaus To Heel, CFPB Arbitration Study Paves Way Toward New Protections | Ed Mierzwinski

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

> Keep Reading
Blog Post | Financial Reform

Is Anyone Protecting Your Privacy Or Wallet? Turbotax? Anthem? Apple? The Government? | Ed Mierzwinski

As if recent privacy breaches at the online tax preparer Turbotax and the health insurer Anthem weren't enough, it turns out that low-tech hacks can trick the vaunted Apple Pay system into giving up cash to thieves, too. Meanwhile, while the administration's blueprint for a Privacy Bill of Rights in 2012 was excellent, its new legislative draft from the Department of Commerce could have been written by the U.S. Chamber of Commerce. There is some good news on privacy, though.

> Keep Reading
Blog Post | Financial Reform

Anthem Customers and Others: Some Advice On Steps To Take After Data Breach | Ed Mierzwinski

UPDATED (9 Feb.) Retail store data breaches make a mess, but an easy one to clean up and the few consumers who become fraud victims are quickly made whole. The Anthem hackers, on the other hand, reportedly obtained a mother lode of information that could be used to commit a variety of serious frauds, including obtaining your tax refund. Read our tips here. Here's the first: Don't click on any emails claiming to be from Anthem; some may be malicious.

> Keep Reading
Blog Post | Financial Reform

House Floor Vote on Budget Delayed over Special Interest "Riders" From Wall Street, Other Powerful Interests | Ed Mierzwinski

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

> Keep Reading
Blog Post | Financial Reform

If our political leaders REALLY want to help small business… | Alana Miller

Small business owners have big troubles with big banks and credit cards and the new Consumer Financial Protection Bureau (CFPB) should take a look at the numerous obstacles.

> Keep Reading
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