Financial Reform

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.

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.

Issue | Health Care

Fighting The High Cost Of Rx Drugs

Brand-name drug companies have been paying off generic drug makers to delay competition and keep prices high. This widespread pay-for-delay scheme needs to be put to an end. 

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.

Reining in Wall Street

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.

If our political leaders REALLY want to help small business…

By | Alana Miller
Program Associate

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.

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.

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.

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. Worse, firms were able to pick and choose among regulators, encouraging a “race-to-the-regulatory-bottom.” That is the system that failed to protect us.

New Survey Shows Banks Still Hiding Fees from Consumers

PHILADELPHIA, April 12 – A survey released today by the Pennsylvania Public Interest Research Group of more than 350 bank branches 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.

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