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 Unilever Starting to Disclose Fragrances via SmartLabel

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

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Blog Post | Consumer Protection

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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

MASSPIRG 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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Blog Post | Consumer Protection

Verizon Security Breach: Steps to Take to Protect Yourself | Jeanne Foy

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News Release | MASSPIRG EDUCATION FUND | Consumer Protection

Yahoo Data Breach Presents Opportunity for Strong Response

Yahoo data breach affecting at least 500 million accounts. 

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Recalled auto parts can be replaced, our lives cannot

FTC considering settlement allowing car dealers to sell unsafe cars. 

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News Release | MASSPIRG EDUCATION FUND | Consumer Protection

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.

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News Release | MASSPIRG | Consumer Protection

Consumer Advocates call for Airline Reforms

MASSPIRG commends U.S. Senator Ed Markey for demanding answers from the big airlines about their repeated system failures that ruin both business and leisure travelers’ plans, cost us money and time and don’t seem to be getting any better.

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Halfway to the CFPB

To date, the CFPB has built critical complaint-handling and Internet systems to communicate directly with the public, simplified consumer credit card and mortgage contracts, and is expected to propose several critical financial rules in the spring.

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The Trouble In Toyland

The 2010 Trouble in Toyland report is the 25th annual 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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Recipe for Disaster

The recall of more than 500 million eggs from two Iowa egg farms is the largest but not the last of 85 recalls that have taken place in the year since food safety reform moved to the U.S. Senate.

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Subpriming Massachusetts Students

Last year Massachusetts students graduated with an average of $5,008 in non-federal loans.

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Trouble In Toyland

Dangerous or toxic toys can still be found on America’s store shelves, MASSPIRG announced on Tuesday in its 24th annual Trouble in Toyland report.

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Blog Post | Consumer Protection

Toy Safety Tips | Deirdre Cummings

For 28 years, MASSPIRG Foundation has worked to identify unsafe toys. Below are our top tips to help you choose the safest toys for the children in your life.

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