We support reforms to the financial marketplace to curb bad practices by banks and lenders.
This disabled police officer in Loganville, Georgia says he was sold a mortgage he couldn’t afford. He’s lived in his home for 19 years.
CFPB
Consumers won a huge victory in 2010 with the passage of the Wall Street Reform law. The key provision of the bill for consumers is the creation of the Consumer Financial Protection Bureau, which will oversee financial products and services such as mortgages, credit cards, payday loans, check cashing, and private student loans.
Publications
- Young Americans Deserve Strong Consumer Financial Protections
Young Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many young Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama signed the Wall Continue Reading
- Women Deserve Strong Consumer Financial Protections
Women Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many women have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama signed the Wall Street Reform Continue Reading
- Servicemembers Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices
Servicemembers Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many servicemembers have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama signed the Wall Street Reform Continue Reading
- Rural Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices
Rural Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many Americans living in rural areas have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama Continue Reading
- Older Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices
Older Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many older Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama signed the Wall Continue Reading
- Latinos Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices
Latinos Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many Latinos have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama signed the Wall Street Continue Reading
- African Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices
African Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many African Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections. In the summer of 2010, Congress passed and President Obama signed the Wall Continue Reading
- CU comments to the CFPB on which non-banks it should supervise
Consumers Union,1 the nonprofit publisher of Consumer Reports®, appreciates the opportunity to comment on this Notice and Request for Comment on how the Bureau should define “larger participants” in markets for other consumer financial products and services. The Bureau’s “larger participant” rule will determine which nondepository covered persons (hereinafter “non-banks”) other than residential mortgage, private Continue Reading
- CU comments to the OCC on proposed preemption rules for national banks
In this comment letter, CU tells the Office of the Comptroller of Currency (OCC) to amend its proposed rules regarding preemption of State consumer financial protection laws.
Since 2004, the OCC, which currently oversees national banks, has had broad preemption rules in place that allow national banks to evade stronger State laws that would protect consumers against predatory lending and other abuses. The Dodd-Frank Act overturned these standards and required the OCC to rewrite their rules – but the OCC’s proposed rules do little more than maintain the status quo, essentially ignoring their new responsibilities under Dodd-Frank.
- Consumer groups call on CFPB to ensure public has easy access to complaints collected by financial watchdog
Ms. Catherine West Bureau of Consumer Financial Protection Washington, D.C. Ms. Zixta Martinez Bureau of Consumer Financial Protection Washington, D.C. May 25, 2011 Ms. West and Ms. Martinez: We the undersigned consumer, civil rights, good government, and community groups, and members of Americans for Financial Reform (AFR) are writing to express our firm belief that Continue Reading
Press Releases
- CFPB reviews unfair bank overdraft policies
Consumers need protection from bank practices that boost costly overdraft fees
- CFPB Seeks Oversight of Debt Collectors, Credit Bureaus
The CFPB announced plans to bring oversight to debt collectors & credit bureaus under its roof
- CU praises appointment of Richard Cordray to head the CFPB
January 4, 2012 Consumers Union praises Cordray appointment to head Consumer Financial Protection Bureau WASHINGTON, D.C. – Consumers Union, the policy and advocacy arm of Consumer Reports, today applauded the news that Richard Cordray will be appointed to serve as the director of the Consumer Financial Protection Bureau (CFPB). While Cordray has received bipartisan praise, Continue Reading
- Senate blocks confirmation of Cordray for CFPB
CU: Vote shows who is standing with consumers and who is standing with big banks and Wall Street
- CU urges Senate to confirm Cordray for CFPB
Senate finally expected to vote on nominee to head the Consumer Financial Protection Bureau
- Senate stalemate on CFPB is hurting consumers
Senators opposing Cordray nomination are preventing the financial watchdog from fully protecting consumers
- Senate Committee Approves Cordray CFPB Nomination
Consumers Union urges the full Senate to quickly follow suit and not block the nomination
- CU urges Senate to confirm Cordray for CFPB
Consumers Union calls on Senate to support Cordray and to oppose efforts to weaken new consumer watchdog.
- CU poll: Strong consumer support for CFPB
The new financial watchdog enjoys broad support from nearly three-quarters (74%) of consumers.
- CU statement on Richard Cordray to head CFPB
Consumers need a watchdog to protect from being ripped off by shady lenders and Mr. Cordray is a great pick
Blog Posts
- Consumers Score Long Deserved Victory As Obama Appoints Cordray
President Obama announced that he was making a recess appointment to name Richard Cordray as head of the CFPB giving the watchdog its full power to protect consumers. After months of delay and politicking, Richard Cordray was appointed to head the new Consumer Financial Protection Bureau. He’ll start with a full set of powers to Continue Reading
- Richard Cordray Appointed to Head CFPB: Consumers to get much needed protections
DYD applauds the news that Richard Cordray will be appointed to serve as the director of the Consumer Financial Protection Bureau. While Cordray has received bipartisan praise, his appointment has been held up for months in the Senate, where opponents of the CFPB demanded changes be made to weaken the bureau. The absence of a Continue Reading
- Senate Blocks Vote on Confirmation Of Richard Cordray
Vote shows who is for consumers and who is for the Big Banks and Wall St.
- Dec 8th: Senate To Vote on Cordray
Take action and call your Senators!
- Confirm Cordray: We need a Wall Street watchdog!
Enough is enough. Join us on November 15th for a national day of action to give consumers the financial watchdog we deserve.
- Message To Congress: Investigate Bank Of America
In response to Bank of America’s new $5/month fee we have called on Congress to launch an investigation.
- The Financial Crisis Aftermath—Please Pass the Backhoe
What the future may hold for consumers.
- Cordray Confirmation Hearing Starts Today
Senate needs to confirm Cordray as director of the CFPB in order for the agency to get full powers to protect consumers. 44 Senators are trying to weaken consumer protection.
- US Government To Sue Big Banks Over Mortgage Crisis
Too big to fail doesn’t mean too big to do the right thing
- CFPB Opens Today; America Likes It
New poll results show that Americans support the CFPB as the watchdog officially opens today.
News Articles
- Make Wall Street play by rules Source: Missoulian (5/12/2010 (Wednesday May 12, 2010)
Missoulian (5/12/2010)
- Put Brakes on Auto Dealers Bid for Special Treatment Source: USA Today (Tuesday May 4, 2010)
USA Today (May 4, 2010)
- Senate Must Act on Banking Source: Huffington Post (Thursday April 15, 2010)
Has Congress learned any lessons from the financial meltdown?
- Banking on Hypocrisy Source: Politico (Tuesday March 30, 2010)
For almost a year, the big banks and the American Bankers Association have presented that choice to Congress.
- Financial Reform Endgame Source: New York Times (Sunday February 28, 2010)
All momentum for serious banking reform has been lost.
- Traction for Banking Regulation Source: New York Times (Friday February 26, 2010)
Representatives of the banking industry agree on the need to get a bill through Congress this year.
- As new credit law begins, issuers up to old tricks
A federal consumer protection agency would help protect gains.
- Small Business Owners Want CFPA Source: Huffington Post (Wednesday February 10, 2010)
The U.S. Chamber of Commerce and its GOP allies have been busy warning that an independent Consumer Financial Protection Agency will hurt small business — but a growing number of small business owners are saying just the opposite.
Cordray Appointed!
The administration finally appointed Cordray after months of fruitless negotiation with opponents who wished to weaken the agency itself before they would vote to confirm its head.
A group of 45 Senators blocked anyone from leading the new Consumer Financial Protection Bureau--until January, when President Obama finally made a recess appointment. Finally, someone to protect hardworking Americans from the abusive tactics of banks, credit card companies and Wall Street. Read more.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
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