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.
Tomorrow, Colorado joins fifteen other states and the District of Columbia in stopping predatory payday lenders from charging Coloradans triple-digit rates to borrow small loans of $500 or less. Starting February 1st, payday loan companies can no longer charge interest and fees that add up to over 200% APR but must abide by Colorado’s usury cap of 36%. The change comes after 77% of voters passed Proposition 111 in November, ending an era of predatory payday lending practices that targeted low-income borrowers, veterans, and communities of color. Coloradans will save an expected $50 million per year in payday loan fees.
From E. coli-infected romaine lettuce to Salmonella-tainted beef, contaminated foods lead to illnesses that sicken as many as 1 in 6 Americans annually. In 2018, this epidemic helped spur major recalls, which caused stores and restaurants to toss millions of pounds of meat and produce. CoPIRG Foundation’s new report How Safe is Our Food?, released today, reveals how fundamental flaws in our current food safety system have led to a jump in these recalls since 2013.
While we are glad that Fiat Chrysler is paying something for damaging the health of Americans and deceiving customers, this settlement does not go far enough. It neither ensures these violations of the public trust won’t happen again nor makes consumers whole.
Toys are safer than ever before, thanks to decades of work by product safety advocates, parents, the leadership of Congress, state legislatures, and the Consumer Product Safety Commission (CPSC). Despite this progress, our survey of 40 toys this year found 15 toys with issues including toys with high concentrations of unsafe chemicals and with potential choking hazards. With hundreds of new toys hitting the market every year, our survey of only 40 toys suggests there may be other potentially dangerous toys slipping through existing protections or worthy of further investigation. This report not only lists the potentially dangerous toys that we found this year, but also describes why and how the toys could harm children.
This holiday season, watch out for dangerous and toxic toys. CoPIRG Foundation’s 33rd annual Trouble in Toyland report found toxic amounts of boron in slime products and a failure by Amazon to appropriately label choking hazards. Boron can cause nausea, vomiting and other health issues.
Tools & Resources
Our Changing Relationship with Driving and the Implications for America’s FutureCoPIRG Foundatio
Read the Health Insurance 101 guide below, or download the PDF here.CoPIRG Foundation
Seeking Compensation for Consumers and Environment
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