Defend the Consumer Bureau

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 to earn your money. You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your financial future.

That’s why we need strong consumer protections on Wall Street. 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. It made it clear: Americans need a watchdog agency on Wall Street, devoted to creating and enforcing fair, clear and transparent rules to protect consumers.

So in 2010, we helped create the Consumer Financial Protection Bureau (CFPB) to be our consumer cop on the financial beat.

THE CFPB GETS THE JOB DONE

Despite the fact that the CFPB is not widely known, they’ve been hugely successful at working for consumers, returning nearly $12 billion to more than 29 million people who were ripped off by companies that broke the law … in just six years.

The Consumer Bureau holds big banks, debt collectors and lenders accountable. Here are a few examples of some of the cases the CFPB has taken on to protect consumers:

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 and TransUnion — 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.

In addition, the Consumer Bureau has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.

The Consumer Bureau's success should be earning it applause in Washington. Yet instead of cheering on the agency, the Trump administration and many members of Congress are pushing to weaken or even get rid of it.

Even with the Consumer Bureau on the job, many Americans are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the Consumer Financial Protection Bureau to exist: We need to make it even better, by strengthening commonsense consumer protections.

Issue updates

Statement on Walmart’s Decision to Strengthen Chemical Footprint Policy

Florida PIRG Education Fund applauds retail giant Walmart for updating its sustainability policy to restrict toxic chemicals in 90,000 products including cosmetics and skincare items, infant products, and household cleaners.

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Agency votes to begin rulemaking process to protect American children, firefighters from hazardous flame retardant chemicals

Today, the U.S. Consumer Product Safety Commission (CPSC) took three critical steps toward protecting consumers and firefighters from the hazards posed by a class of flame retardant chemicals (known as “organohalogens”). The CPSC directed the Commission’s staff to begin the rulemaking process to ban the sale of four categories of consumer products if they contain these chemicals. Once again, the CPSC has made an important action for consumers.

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Statement on Unilever Starting to Disclose Fragrances via SmartLabel

Statement from Florida PIRG Education Fund Toxics Advocate Dev Gowda on Unilever Starting to Disclose Fragrances via SmartLabel

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Blog Post | Consumer Protection

Consumer Tips and FAQ about the Equifax Breach | Mike Litt

Hackers gained access to the personal data of over 145 million Americans in the Equifax breach. Here are some recommended actions consumers can take to protect themselves and answers to frequently asked questions.

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Texas Chemical Explosions: More Safety Needed Now

Two small explosions last night at a Texas chemical facility highlight that comprehensive emergency regulations need to be enforced more strictly at chemical plants.

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Statement on Unilever Starting to Disclose Fragrances via SmartLabel

Statement from Florida PIRG Education Fund Toxics Advocate Dev Gowda on Unilever Starting to Disclose Fragrances via SmartLabel

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Texas Chemical Explosions: More Safety Needed Now

Two small explosions last night at a Texas chemical facility highlight that comprehensive emergency regulations need to be enforced more strictly at chemical plants.

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Statement on P&G’s Consumer Product Fragrance Disclosure Announcement

Florida PIRG Education Fund applauds consumer product giant Procter & Gamble, the maker of brands like Olay, Old Spice, and Pampers, for its announcement today that it will increase fragrance ingredient transparency in all of its consumer brands.

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L'Oréal: Pledge to Be Toxic-Free

Today, Florida PIRG Education Fund, Campaign for Safe Cosmetics (a project of Breast Cancer Prevention Partners (BCPP)), and Safer Chemicals Healthy Families delivered more than 150,000 petition signatures calling on the multinational cosmetic giant L’Oréal USA to eliminate cancer causing chemicals and to disclose its secret “fragrance” chemicals. 

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News Release | Consumer Protection

Unilever: Go Toxic-Free

On Valentine’s Day, consumer groups thank Unilever for great first step in disclosing fragrance ingredients and call on personal care giant to go toxic-free.

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Report | Florida PIRG Education Fund | Consumer Protection

Trouble in Toyland 2014

Among the toys surveyed this year, we found numerous choking hazards and five toys with concentrations of toxics exceeding federal standards. In addition to reporting on potentially hazardous products found in stores in 2014, this installment of the report describes the potential hazards in toys and children’s products.

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Report | Florida PIRG Education Fund | Consumer Protection

The Unfriendly Skies

It seems as if every consumer has an airline problem story—how they were trapped on the tarmac, tricked by fees, missed their connection, or lost their bag. What many consumers don’t know is that they have a number of new rights as well as a right to complain, both to the airline and to the government. This report tracks five years of consumer complaints and highlights which airlines received the most complaints and what kinds of complaints were most common.

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Report | Florida PIRG Education Fund | Consumer Protection

Debt Collectors, Debt Complaints

This is the fifth in a series of reports that review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints about debt collection, with the aim of uncovering patterns in the problems consumers are experiencing with debt collectors and documenting the role of the CFPB in helping consumers successfully resolve their complaints.

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Report | Florida PIRG Education Fund | Consumer Protection

Trouble in Toyland

The 2013 Trouble in Toyland report is the 28th annual U.S. Public Interest Research Group (PIRG) survey of toy safety. In this report, U.S. PIRG provides safety guidelines for consumers when purchasing toys for small children and provides examples of toys currently on store shelves that may pose potential safety hazards.

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Report | Florida PIRG Education Fund | Consumer Protection, Higher Ed

Private Loans, Public Complaints

This report is the second of several that will review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints in the private student loan sector with the aim of uncovering patterns in the problems consumers are experiencing with their student loans.

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Blog Post | Consumer Protection

How the CFPB’s Data Keeps Getting Better and Better | Mike Litt

As the CFPB turns 4 years old on July 21, here is some information on how it works for you and how we at PIRG use its data to produce reports, such as our new report on mortgage complaints to the CFPB. We've also got some photos from the Americans for Financial Reform "CFPB at 4" event.

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Blog Post | Consumer Protection

Event 5/11 re new book on black box decisionmaking & consumers | Ed Mierzwinski

UPDATED TO CONFIRM CFPB Speaker. We are hosting an event Monday, 5/11, from 9am-noon ET to discuss a new book, The Black Box Society, with author Frank Pasquale. Click Keep Reading to RSVP to attend in person or to watch the livestream. While credit bureaus have long functioned as black box gatekeepers to opportunity, panelists will discuss the growing use of more and more, even less transparent black boxes to categorize consumers in the digital economy.

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Blog Post | Consumer Protection

CFPB Begins Payday Regulation Push In Richmond | Ed Mierzwinski

We joined the CFPB in Richmond Thursday for a field hearing on a proposed rule to regulate payday lending and similar high-cost short-term loans. The CFPB's draft rule is comprehensive, covering a variety of loans, but it contains potential loopholes that we and other advocates will urge the bureau to close before it finalizes this important effort. Here's a short blog with some photos from Richmond.

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Blog Post | Consumer Protection

CFPB Adds Consumer Stories to Public Complaint Database | Ed Mierzwinski

Today, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

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Blog Post | Consumer Protection

Florida PIRG Renters RIghts Manual is Being Updated - Coming Soon

Florida PIRG's Renters RIghts Manual aims to answer basic questions for tenants and landlords. The handbook is currently being revised and should be back up on the web by early summer.

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