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 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

A security lapse at Verizon has exposed data from millions of Verizon customers - leaking names, addresses and personal identification numbers (PINs). Steps to protect your identity and account information.

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Blog Post | Consumer Protection

TIPS TO STAY SECURE ONLINE | Jeanne Foy

Staying vigilant online in the face of growing cyberattacks.  

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Report | MASSPIRG Education Fund | Consumer Protection, Financial Reform

Protecting the People Who Protect US

How the CFPB protects and serves our military service members and their families.

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Blog Post | Public Health, Consumer Protection

#KickTheCan: BPA still found in many grocery stores’ canned foods | Dev Gowda

We’re all told to watch out for BPA in drinking bottles and baby products. But how about BPA in the cans that contain our food? A recent study by Center for Environmental Health (CEH) reveals that the toxic chemical BPA is readily found in canned foods. BPAs are often used in the liners of canned food to keep the aluminum from interacting with the food.

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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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News Release | MASSPIRG Education Fund | Consumer Protection

Common Personal Care Products Contain Chemicals of Concern

We should be able to trust that the products we buy are safe — especially ones our families use every day, directly on our bodies. However, chemicals of concern are routinely found in many of our day-to-day personal care products, ranging from Dial bar soap to Suave kids’ shampoo, according to Massachusetts Public Interest Research Group Education Fund's investigation of common consumer products. 

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News Release | MASSPIRG EDUCATION FUND | Consumer Protection

Framework for VW Settlement Announced

Statement by Deirdre Cummings, Consumer Program Director at MASSPIRG Education Fund, on today’s announced VW settlement.

Seven months after news of Volkswagen’s emission scandal broke, we're glad to hear that there is a 'framework' for a settlement in the cases related to VW's 567,000 fraudulently marketed, illegally polluting cars. This framework appears to include all of the elements that a deal should include, but the devil will be in the details.  

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News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay, Transportation

Framework for VW Settlement Announced

Statement by Mike Litt, Consumer Program Advocate at U.S. PIRG Education Fund, on todays announced VW settlement. For more details on what a strong settlement agreement ought to look like, please see the open letter that we released earlier this week with other consumer and environmental groups.

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'How You Drive' Takes a Backseat to 'Who You Are'

Under the new “managed competition” rating system, “who you are” has become more important than “how you drive.” Starting in April, factors relating to “who you are” – income, marital status, homeownership, education, age, race, and other factors supposedly prohibited for use by the Division of Insurance – will take center stage in the Massachusetts auto insurance market. Driving record is no longer the primary rating factor and is now a diluted factor.

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Mixed Signals

MASSPRG conducts survey of national TV retails stores and finds that consumers are getting Mixed Signals.

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Trouble in Toyland

For several years, we have reported that toys are safer than ever before, thanks to decades of work by product safety advocates and parents and the leadership of Congress, state legislatures and the Consumer Product Safety Commission (CPSC). Yet, as many have noted, 2007 has been described as the “year of the recall.” Millions of toys, including famous playthings like Thomas the Tank Engine and Barbie, have been recalled in 2007. Many of these toys have been from leading manufacturers like Mattel, and most were imported from China.

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Consumers Guide to Credit Cards

The credit card industry has stepped up marketing and changed the rules to trap consumers into a cycle of high fees, penlaty, interest charges and other unfair practices. The following are tricks and tips to know to avoid credit card debt.

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Toxic Pollution And Health

Industries across the United States pump billions of pounds of toxic chemicals into our air, land, and water each year, many of which can cause cancer and other severe health effects. The Environmental Protection Agency's Toxics Release Inventory (TRI) program provides Americans with the best information about toxic chemicals released in their communities.

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News Release | U.S. PIRG

Everyone should assume that their social security number has been exposed between this breach and breaches of other major companies’ databases, such as Equifax’s. With that in mind, U.S. PIRG recommends all Americans should use their right by law to freeze their credit reports for free

News Release | U.S. PIRG Education Fund

Our response to Equifax paying a $650 million penalty for exposing the social security numbers of 148 million Americans to identity theft.

News Release | U.S. PIRG Education Fund

Fisher-Price recalled 4.7 million Rock n’Play baby sleepers on Friday. U.S. PIRG Consumer Watchdog Adam Garber issued a response: "“While we’re pleased that Fisher-Price is finally recalling these dangerous sleepers, 30 deaths in 10 years is 30 deaths too many and 10 years too late."

News Release | MASSPIRG

Students at colleges compensated by banks face dubious debit card fees 

News Release

Read U.S. PIRG's statement on Wells Fargo eliminating some fees for student on debit cards.

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