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

News Release | Illinois PIRG | Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to Illinois Public Interest Research Group’s 27th annual Trouble in Toyland report.

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News Release | Illinois PIRG | Consumer Protection

New Survey Shows Free Checking Widely Available At Small Banks But Banks Still Hiding Fees from Consumers

A survey of hundreds of banks and credit unions in 24 states and the District of Columbia found that free checking remains available at more than 6 out of 10 small banks and credit unions but was only found at one-quarter of surveyed big banks (those with over $10 billion in deposits). The survey released today by the Illinois Public Interest Research Group also revealed that fewer than half of branches surveyed obeyed their legal duty to fully disclose fees to prospective customers on the first request, while 12% provided no fee information at all. 

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Report | Illinois PIRG | Consumer Protection

Big Banks Bigger Fees 2012

Over the last dozen years or more, bank efforts to raise fee income have been bolstered by pliant regulators, who looked the other way while banks piled new fees onto deposit accounts and engaged in deceptive practices to earn more in fees. Regulators encouraged tens of billions of dollars in overdraft fee income by classifying “overdraft protection” products as “account features,” not loans.

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News Release | Illinois PIRG Education Fund | Consumer Protection

Testing Finds 7 out of 10 Baby Products Contain Toxic Flame Retardants

In its new report, "Testing for Toxics," Illinois PIRG shows the results of testing of baby products from the Chicago area for chlorinated Tris, a flame retardant that is a proven mutagen and likely carcinogen.  Seven out of ten products found at popular chains contained  the chemical, and two of those had no label indicating its presence.  These products included diaper changing kits, car seats and cradle pads.   

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Report | Illinois PIRG Education Fund | Consumer Protection

Testing for Toxics

In an effort to better understand the prevalence of toxic chemicals that pose a risk to children’s health, Illinois PIRG Education Fund purchased ten common baby products and tested these products for chlorinated Tris, or TDCPP, a chemical that has been linked to cancer, mutagenicity, hormone disruption, neurological damage, and infertility.

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News Release | US PIRG

Johnson & Johnson Consumer Inc. said Wednesday it’s voluntarily recalling all lots of five types of Neutrogena and Aveeno aerosol sunscreen after internal testing showed “low levels of benzene” -- which can cause cancer -- in some samples. J&J also said consumers should stop using the sunscreen.

News Release | US PIRG

Johnson & Johnson Consumer Inc. said Wednesday it’s voluntarily recalling all lots of five types of Neutrogena and Aveeno aerosol sunscreen after internal testing showed “low levels of benzene” -- which can cause cancer -- in some samples. J&J also said consumers should stop using the sunscreen.

News Release | US PIRG

Starting Thursday, many families with children under 18 will start getting monthly payments as part of the American Rescue Plan that became law this spring. Eligible families will get payments every month through December by direct deposit or by paper checks or preloaded debit cards that come in the mail. These payments will add up to half the child tax credit you should be entitled to for 2021; you can claim the rest next year when you file your tax return.

Blog Post

If you’re stunned that safety standards for inclined sleepers weren’t required before, get this: The new rules don’t take effect for a year. That’s one of the problems in the world of infant sleep.

News Release | US PIRG

In an effort to protect infants from unsafe consumer products, the U.S. House of Representatives on Wednesday passed the Safe Sleep for Babies Act of 2021.

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