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

Blog Post | Consumer Protection

Tax Fraud Prevention Tips | Jeanne Foy

In recognition of Tax Theft Awareness Week, please see our tips on how to protect yourself.

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Statement on Procter & Gamble’s New Preservative Tracker in Personal Care Products

Personal care product giant Procter & Gamble (P&G) recently unveiled a new preservative tracker, which lets consumers know which preservatives are included in various categories of P&G’s products, such as baby wipes, skin care, and hair care products. Consumers can search the tracker by ingredient or by product type.

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News Release | MASSPIRG | Consumer Protection

Federal Trade Commission to America’s used car buyers: Drop Dead.

Consumer and safety organizations blasted the FTC Commissioners’ decision, announced today, to finalize consent orders with GM and the Lithia and Koons auto dealership chains that will allow them to advertise that unrepaired recalled used cars with lethal safety defects are “safe,” have been “repaired for safety,” passed a “rigorous inspection” and qualified to be sold as “certified” cars without repairing the safety defects, if they merely include a meaningless disclosure that the cars “may” be under an  open recall.  In addition, FTC has proposed the same settlement with CarMax and  other dealers. 

 

 

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Blog Post | Consumer Protection

Yahoo Data Breach: Another Reason for Free Credit Freeze | Deirdre Cummings

Yahoo data breach affects more than 1 billion consumers. We must have better solutions. 

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News Release | MASSPIRG EDUCATION FUND | Consumer Protection

TOP 10 LIST: HOW THE CFPB WORKS FOR CONSUMERS

MASSPIRG Celebrates CFPB’s 4th Birthday on Tuesday, July 21, with New Webpage

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News Release | MASSPIRG Education Fund | Consumer Protection

New Report: Mortgage Problems Rank #1 at CFPB for Consumer Complaints

Mortgage problems were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the MASSPIRG Education Fund. The report also found that Bank of America was the most complained about company in Massachusetts for mortgage problems. 

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News Release | MASSPIRG | Consumer Protection

MA Coalition for GMO labeling cheers Vermont court decision

Today, a coalition of consumer, community, farming and public health organizations working to pass a GMO food labeling law cheered a decision by the United States District Court for the District of Vermont upholding the nation’s first GMO labeling law. 

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News Release | MASSPIRG | Consumer Protection

Retailer pulls dangerous toy off shelves following Trouble in Toyland Report

Following the release of MASSPIRG's 29th annual Trouble in Toyland report, one retailer has removed a toxic product from store shelves.

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News Release | MASSPIRG Education Fund | Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to the Massachusetts Public Interest Research Group’s 29th annual Trouble in Toyland report. The survey of hazardous toys found that, despite recent progress, parents and caregivers must still be wary when shopping this holiday season.

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Deflate Your Rate

At the end of the year 2000, U.S. households were accruing interest on $574 billion of revolving credit card debt, or debt carried over to the next month rather than paid off entirely.

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News Release | U.S. PIRG Education Fund

The U.S. Consumer Product Safety Commission (CPSC) announced today that discount stores T.J. Maxx, Marshalls and HomeGoods sold 19 different recalled products to consumers between 2014 and 2019. In the case of five products, the stores’ parent company TJX initiated the recall. The products included the Rock ‘N Play and Kids II inclined infant sleepers, which are responsible for a number of fatalities, rattles that can break and pose a choking hazard, and electronics that overheat or explode.

News Release | U.S. PIRG Education Fund

The U.S. Food and Drug Administration (FDA) has confirmed today that the drug manufacturers Dr. Reddy’s and Perrigo have initiated a voluntary recall of all of their generic versions of Zantac (ranitidine) -- commonly used to treat heartburn -- due to carcinogen contamination.

News Release | U.S. PIRG Education Fund

Despite more than 50 infant deaths from inclined sleepers, including the Fisher-Price Rock ‘n Play and the Kids II Rocking Sleeper, many versions of this type of product remain for sale and in homes. The U.S. Consumer Product Safety Commission (CPSC) is proposing a new rule that would virtually end the sale of inclined sleepers. 

News Release | U.S. PIRG Education Fund

A new analysis of publicly available information from the FDA by U.S. Public Interest Research Group Education Fund finds only 26 percent of a class of recalled blood pressure medications have been assessed for carcinogen contamiantion -- and the majority had some lots with higher levels than the FDA considers safe.

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