Financial Reform

Voters support strong CFPB, strong protections against Wall Street, payday lenders

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Polls show voters, across party lines, want both a strong CFPB and strong Wall Street, payday lender and debt collector oversight. Will the next Congress listen to them and undo this Administration's myriad rollbacks of consumer and investor financial protections?

News Release | U.S.PIRG | Financial Reform

CFPB Director: Stop Letting Industry Violate the Fair Credit Reporting Act

We've joined the National Consumer Law Center in a news release describing a letter from 21 consumer and faith groups urging her to revoke permission to the credit reporting industry to violate consumer protections. 

Will Congress fix credit report problem CFPB won't?

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Our latest report, last week, found July set yet a fifth consecutive month of record consumer complaints to the CFPB. Complaints about credit report mistakes, always among the leaders, have surged dramatically during the pandemic. The CFPB hasn't done anything about it, but Congress has an opportunity in its next relief package to ban negative credit reporting.

U.S. House passes major credit reporting reform

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

On Monday, the U.S. House approved H.R. 5332, the Protecting Your Credit Score Act of 2020 (Gottheimer-NJ). U.S. PIRG joined other leading advocates of credit reporting reform in a support letter to the House last week. The bill takes a number of steps to make it easier to fix credit reporting errors.

Report | U.S. PIRG Education Fund | Financial Reform

Putting Consumers First

U.S. PIRG Education Fund, the Student Borrower Protection Center and Consumer Action have released a report recommending that  CFPB should use the full extent of its authority to take immediate action to strengthen its consumer complaint tool, hold companies accountable for providing complete and timely responses to consumers, and leverage consumer complaints related to the pandemic to support oversight and regulatory action to protect consumers.

News Release | U.S. PIRG Education Fund | Financial Reform

Americans need stronger consumer protections during COVID-19 crisis

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.

Consumer Groups & Bank Associations Urge Congress To Protect COVID19 Checks From Garnishment

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Yesterday, U.S. PIRG joined leading consumer groups and bank trade associations in a joint letter urging Congress at the soonest possible opportunity to clarify that economic impact payments responding to this public health emergency are exempt from otherwise legally binding garnishment orders.

Cordray To "Oblivious" CFPB: "Shield" Families From Economic Harms

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Rich Cordray, the first director of the CFPB and author of a new book on his six years at its helm, has issued a powerful memo to its current director, Kathy Kraninger, urging her to stop "relaxing" duties on financial firms and to "lose no further time" in "shield[ing] households and families" from the "economic harms" they face as a result of the coronavirus pandemic.

Marriott discloses second security breach in 16 months

Marriott, the world’s largest hotel chain in terms of guest rooms, disclosed Tuesday that up to 5.2 million customers were impacted by a security breach related to the company’s loyalty app.

CFPB's First Director, Rich Cordray, Publishes "Watchdog"

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The CFPB's first director, Rich Cordray, has published a book, "Watchdog," explaining efforts to set up and run the Consumer Financial Protection Bureau.

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