As CFPB Advances Consumer Protection, Attacks on CFPB Escalate

By | Ed Mierzwinski
Consumer Program Director

This week, the CFPB took a major step toward establishing a regulation restricting the use of forced arbitration clauses in consumer financial contracts, which give companies what the CFPB's director said was a "free pass from being held accountable by their customers." Meanwhile, on Capitol Hill, powerful bank interests escalated their campaign to defund and defang the bureau, because it works for consumers, not them.

House holds stacked hearing to attack retirement savings rule proposal

By | Ed Mierzwinski
Consumer Program Director

The House Financial Services Committee is holding a typically stacked hearing -- one consumer-side witness against four Wall Street-backed lobbyists  -- to attack the important retirement savings rule proposed by the Department of Labor. The rule simply requires retirement advisors to put the customer's needs  -- not their own compensation -- first.

Court Reinstates Case Against Bank That Aided Senior Citizen Fraud

By | Ed Mierzwinski
Consumer Program Director

This week, the 3rd Circuit, U.S. Court of Appeals overturned a lower court decision that had denied class action status to victims of a scheme targeting senior citizens who were suing Zions Bank and its payment processor affiliates for aiding the fraudsters. U.S. regulators led by the Department of Justice have been fighting this and similar schemes, yet powerful special interests have managed to create a false narrative in Washington, DC that has been picked up by opponents of consumer protection laws. They falsely claim that the government's target is "legitimate" payday lenders and gun dealers. Wrong, the target is financial crimes against consumers, many consumers.

This week, the IRS has admitted that thieves accessed the personal information -- enough to allow them to take your tax refund -- of an additional 220,000 taxpayers, on top of the 114,000 reported in May. Meanwhile, we remain  concerned that Congress will use continued publicity about the Target breach and other breaches as an excuse to pass dangerous data security legislation. Dangerous? Yes, because it would only protect against limited financial identity theft harms, but eliminate stronger state protections against the harms posed by the IRS breach, the health insurance breaches and the OPM breach.


Subscribe to Blog

Join Our Call

Tell your representative to stand up for our democracy, and amplify the voices of small donors in our elections.

You Can Help

We have a chance to curb the unprecedented spending by big money in our elections. Your support will help us do the research, advocacy and grassroots organizing to convince our elected officials to act.

Consumer Updates

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code