Reining in Wall Street

STANDING AGAINST THE BIG BANKS AND WALL STREET—For more than 20 years, Consumer Program Director Ed Mierzwinski has helped us stand up against big banks and credit card companies.

OUR FISCAL FUTURE

For years federal bank regulators ignored numerous warnings of increasingly predatory mortgage practices, credit card tricks and unfair overdraft policies used by the big Wall Street banks. They also ignored warnings of risky securities being packaged and sold to investors.

Since winning federal Wall Street reform, we’ve been working to defend those reforms from the industry’s attempts to defang, defund or delay them — in particular the Consumer Financial Protection Bureau, which is the centerpiece of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

We’re working to:

Put consumers and taxpayers before big banks. Check irresponsible financial practices with new rules and stronger, independent enforcement by the Consumer Financial Protection Bureau.

Cover all players and transactions. Rein in hedge funds and reckless investments that escaped regulations, and traded without oversight on “shadow markets.” 

Control corporations that are “too big to fail.” Banks shouldn’t be able to freely gamble with taxpayer money covering the bets. We must rein in institutions whose risky investments threaten the larger economy.

We’re fighting for a financial regulatory system that guarantees consumers and taxpayers are protected from the predatory practices at the heart of this problem. And we need to provide consumers a seat at the table when it comes to oversight of the nation’s financial system.

Issue updates

Blog Post | Financial Reform

House Floor Vote on Budget Delayed over Special Interest "Riders" From Wall Street, Other Powerful Interests | Ed Mierzwinski

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

> Keep Reading
News Release | NJPIRG Law & Policy Center | Financial Reform

Report: Mistaken Identity Tops Debt Collection Complaints

Debt collectors trying to collect debt from the wrong person were the top source of New Jerseyans’ complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the NJPIRG Law & Policy Center. The report also found that New Jersey consumers are 8th most likely nationwide to file complaints to the CFPB about debt collection, and that debt collection is a top source of complaints.

> Keep Reading
Report | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Debt Collectors, Debt Complaints

This is the fifth in a series of reports that review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints about debt collection, with the aim of uncovering patterns in the problems consumers are experiencing with debt collectors and documenting the role of the CFPB in helping consumers successfully resolve their complaints.

> Keep Reading
News Release | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Report: Capital One Most-Complained-About Credit Card Company in NJ

New Jersey consumers file more complaints about Capital One than any other credit card company, according to a report released today by NJPIRG Law & Policy Center. The report, which looked at data from the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database, also found that New Jersey consumers are 5th most likely to file credit card complaints.

> Keep Reading
Report | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Credit Cards, Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them.

> Keep Reading

Pages

News Release | NJPIRG Law & Policy Center | Financial Reform

Report: Mistaken Identity Tops Debt Collection Complaints

Debt collectors trying to collect debt from the wrong person were the top source of New Jerseyans’ complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the NJPIRG Law & Policy Center. The report also found that New Jersey consumers are 8th most likely nationwide to file complaints to the CFPB about debt collection, and that debt collection is a top source of complaints.

> Keep Reading
News Release | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Report: Capital One Most-Complained-About Credit Card Company in NJ

New Jersey consumers file more complaints about Capital One than any other credit card company, according to a report released today by NJPIRG Law & Policy Center. The report, which looked at data from the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database, also found that New Jersey consumers are 5th most likely to file credit card complaints.

> Keep Reading
News Release | NJPIRG | Consumer Protection, Financial Reform

New CFPB rules will protect homebuyers and homeowners

On Friday, January 10, new Consumer Financial Protection Bureau (CFPB) rules will go into effect that will help protect homeowners and homebuyers from the mortgage abuses that led to the housing crisis. In particular, consumers will get protections from lenders that make risky loans without checking a borrower’s income, assets, or ability to repay a loan. 

> Keep Reading
News Release | NJPIRG | Consumer Protection, Financial Reform

GOOD NEWS FOR CONSUMERS AND FIRMS THAT WANT TO PLAY FAIR

"Today’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace."  

> Keep Reading
News Release | NJPIRG Law & Policy Center | Financial Reform

Common-Sense Refinancing Options Could Help 402,431 New Jerseyans and Stabilize Housing Market

Data released today by NJPIRG and the Center for Responsible Lending finds that making it easier for homeowners to refinance their mortgages could give consumers more options, save money, and stabilize New Jersey's housing market. In NJ alone, 402,431 families would qualify, saving them $1.67 billion.

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Pages

Report | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Debt Collectors, Debt Complaints

This is the fifth in a series of reports that review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints about debt collection, with the aim of uncovering patterns in the problems consumers are experiencing with debt collectors and documenting the role of the CFPB in helping consumers successfully resolve their complaints.

> Keep Reading
Report | NJPIRG Law & Policy Center | Consumer Protection, Financial Reform

Credit Cards, Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) was established in 2010 in the wake of the worst financial crisis in decades. Its mission is to identify dangerous and unfair financial practices, to educate consumers about these practices, and to regulate the financial institutions that perpetuate them.

> Keep Reading
Report | NJPIRG Law & Policy Center | Financial Reform

Remove Barriers to Low Interest Rates

 

Congress has a rare bipartisan opportunity to put more money in Americans’ pockets, strengthen the housing market and boost the entire economy. By making it easier to refinance into today’s low interest rates, Congress could expand the Home Affordable Refinance Program (HARP) so it helps up to 13 million Americans nationwide save $35 billion.* In our state alone,  more than 402,000 families would qualify, saving them about $1.67 billion in lower mortgage payments.

 

> Keep Reading
Report | NJPIRG Law & Policy Center | Financial Reform, Higher Ed

The Campus Debit Card Trap

Banks and other financial firms are taking advantage of a variety of opportunities to form partnerships with colleges and universities to produce campus student ID cards and to offer student aid disbursements on debit or prepaid cards.

> Keep Reading
Report | NJPIRG Law and Policy Center | Financial Reform

10 Reasons We Need The CFPB Now

This report outlines predatory financial practices that hurt consumers and helped collapse the economy, costing us eight million jobs, millions of foreclosed homes and trillions of dollars in lost home and retirement values. It explains these and other emerging problems as “10 Reasons We Need The Consumer Financial Protection Bureau Now.”

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Blog Post | Financial Reform

House Floor Vote on Budget Delayed over Special Interest "Riders" From Wall Street, Other Powerful Interests | Ed Mierzwinski

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

> Keep Reading
Blog Post | Financial Reform

Financial follies update: Discover Card pays deceptive marketing penalty | Ed Mierzwinski

Discover Card has paid a $14 million civil penalty to the CFPB and FDIC, plus refunded over $200 million to ripped-off consumers, in the latest case involving useless, junk credit insurance and credit monitoring add-ons that consumers didn't buy, but pay for, to credit card bills. Read more for that and other weekend financial follies.

> Keep Reading
Blog Post | Financial Reform

Today, CFPB to announce overdraft fee investigation, unveil "penalty box" disclosure, possibly end $39 lattes.Ed MierzwinskiGideon Weissman

At a news conference in NYC today, Director Richard Cordray of the new Consumer Financial Protection Bureau (CFPB) will announce a major investigation of bank overdraft fee practices and propose a model "penalty box" disclosure to appear on bank statements. The investigation could end the $39 latte-- $4 bucks for the coffee, $35 for the debit card overdraft fee.

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