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.
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.
Every quarter, the Chicago gas delivery utility releases a report on its pipe replacement program. Unfortunately, the first quarter report shows the program continues to struggle: not prioritizing public safety and risk reduction, behind schedule and over budget, and increasingly unaffordable.
Johnson & Johnson will end the sale of talc-based baby powders--which can be contaminated with asbestos--in the United States and Canada. That’s a big win for consumers, but it’s not enough.
The Chicago City Council today passed a resolution calling on Gov. J.B. Pritzker and the Illinois General Assembly to reform the troubled Peoples Gas pipe replacement program. The program has been beset by management missteps, cost overruns, and an inability to reduce pipeline failure rates. The program is increasingly unaffordable for many Chicago residents: in 2019, Chicagoans fell $60 million behind on their heating bills and Peoples Gas sent out more than 300,000 disconnection notices.
The Illinois Commerce Commission has agreed to settle a lawsuit filed by Illinois PIRG Education Fund and GlidePath that alleged it deliberately excluded select consumer advocates and industry experts from participating in its NextGrid Study process, while allowing ComEd and Ameren to fund, shape, and approve a report designed to influence Illinois energy policy.
U.S. PIRG Education Fund has released a report with the Student Borrower Protection Center and Consumer Action. The report makes recommendations to the Consumer Financial Protection Bureau (CFPB) to upgrade its consumer complaint tool, including the public consumer complaint database, so COVID19-related complaints can be handled more quickly and tracked better.
Tools & Resources
Avoid the tricks and traps in campus financial products that may drive up the costs of collegeIllinois PIRG Education Fund
What you can do to avoid identity theft and other harmsIllinois PIRG
Seeking Compensation for Consumers and Environment
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