Guide to Wall Street Reform

Read on to lean how Wall Street Reform can help Main Street - and how you can get involved.

PROTECTING CONSUMERS IN THE FINANCIAL MARKETPLACE

From credit cards to home mortgages to student loans to bank fees, the practices of Wall Street reach into the living rooms, dorm rooms and wallets of virtually every Oregonian, from cradle to grave.

In 2010, after the financial collapse, the subsequent multi-trillion dollar government bailout of Wall Street, and the public outcry that followed,  Congress passed the Wall Street Reform and Consumer Protection Act. It was the country’s first major strengthening of financial marketplace rules in over 75 years.

The goals of the 2010 law are important: prevent a future financial meltdown and taxpayer bailout and protect consumers and investors from deceptive bank practices. For consumers, the law's centerpiece is its establishment of the new Consumer Financial Protection Bureau.

Find out more about the new law, key decisions that are being decided right now, and how you can have an impact on many aspects of Wall Street reform:

HISTORY OF A CRISIS

The roots of the current financial crisis are, in large part, due to activities of Wall Street’s largest players, and a series of decisions by federal policy makers to relax long-standing bank regulations.

After the Great Crash of 1929, a set of marketplace rules were enacted to stabilize the financial markets. These rules were intended to check the more excessive impulses of Wall Street, ensure that they did not take extreme risks with their customers’ money, and provide a basic degree of protection for bank deposits.

Financial markets remained relatively stable for about fifty years. Then, about 25 years ago, Congress weakened these laws several times, causing many Wall Street banks to take on increasingly risky behavior.

Nearly 1,500 Washington, D.C. lobbyists representing Wall Street firms pushed hard against passage of the law, and its effectiveness will be determined by hundreds of decisions currently being made by little-known government agencies that are in charge of implementing the law.

And there is a similar by Wall Street lobbyists currently underway in an attempt to influence the implementation of the law.

Learn more about how you can have an impact on the implementation of Wall Street reform, from unfair bank activities to the responsible use of customers’ money
and preventing another taxpayer bailout.

Issue updates

Blog Post | Consumer Protection, Financial Reform

U.S. PIRG Education Fund Files Amicus Brief in the U.S. Supreme Court Supporting States in Antitrust Litigation Against American Express | Michael Landis

On July 6, 2017, U.S. PIRG Education Fund filed with the U.S. Supreme Court an amicus brief supporting several states who are asking the Court to review a Second Circuit judgment that allows American Express to prohibit merchants from encouraging customers to use lower-priced payment options.

> Keep Reading
Blog Post | Public Health, Consumer Protection

Slow and Steady Progress Getting Toxic Chemicals out of Soaps, Shampoos, and More | Dev Gowda

In the past year, we’ve seen a lot of progress. Consumers are at the forefront of making that happen, and I’m proud that we’ve been able to harness consumer preferences and push several companies to do better. Here’s what’s happened over the past year.

> Keep Reading
Blog Post | Public Health, Consumer Protection

Men: The Lead in Your Hair Dye Could be Harming You | Kara Cook-Schultz

Lead acetate is a substance used since the Roman Empire added it as a sweetener to food and drinks. But today we don’t drink it — we know that lead acetate can cause serious health problems. Some health risks posed include lung irritation, abdominal pain, nausea, high lead levels in blood and urine, cancer, and even death in the most serious cases.

> Keep Reading
Report | U.S. PIRG Education Fund | Consumer Protection

Protecting Those Who Serve

This report, the tenth in our series on the CFPB's Public Consumer Complaint Database, is called "Protecting Those Who Serve." It is an analysis of over 44,000 consumer complaints from active-duty servicemembers, veterans and their families. The report also explains the work the CFPB and its Office of Servicemember Affairs does to protect military families in the financial marketplace. Debt problems also are a leading cause of revoking secuirty clearances, which affects military preparedness.

> Keep Reading
Blog Post | Public Health, Consumer Protection

Court rules that people should be protected from untested pesticides | Kara Cook-Schultz

A groundbreaking court victory came out yesterday: The 9th Circuit Court of Appeals upheld an important pesticide law and ruled that pesticides can’t be sold until they’re tested for safety. 

> Keep Reading

Pages

L'Oréal: Pledge to Be Toxic-Free

Today, U.S. PIRG Education Fund, Campaign for Safe Cosmetics (a project of Breast Cancer Prevention Partners (BCPP)), and Safer Chemicals Healthy Families delivered more than 150,000 petition signatures calling on the multinational cosmetic giant L’Oréal USA to eliminate cancer causing chemicals and to disclose its secret “fragrance” chemicals. 

> Keep Reading
News Release | U.S. PIRG | Financial Reform

New report shows victims of aggressive tactics from medical debt collectors

A new U.S. PIRG Education Fund Report documents consumer complaints to the Consumer Financial Protection Bureau about medical debt. Most complaints are about debt never owed, already paid, or not verified as the consumer's debt. The report demonstrates the ongong need to defend CFPB from speical-interest attacks.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Guilty Plea By Volkswagen is an Important Step, Jail Time Should Come Next

Statement by Mike Litt, Consumer Program Advocate at U.S. PIRG Education Fund, on today’s guilty plea by Volkswagen in its criminal court case for emission violations.

> Keep Reading
News Release | Consumer Protection

Unilever: Go Toxic-Free

On Valentine’s Day, consumer groups thank Unilever for great first step in disclosing fragrance ingredients and call on personal care giant to go toxic-free.

> Keep Reading

Statement on Procter & Gamble’s New Preservative Tracker in Personal Care Products

Personal care product giant Procter & Gamble (P&G) recently unveiled a new preservative tracker, which lets consumers know which preservatives are included in various categories of P&G’s products, such as baby wipes, skin care, and hair care products. Consumers can search the tracker by ingredient or by product type.

> Keep Reading

Pages

Report | U.S. PIRG Education Fund | Consumer Protection

Protecting Those Who Serve

This report, the tenth in our series on the CFPB's Public Consumer Complaint Database, is called "Protecting Those Who Serve." It is an analysis of over 44,000 consumer complaints from active-duty servicemembers, veterans and their families. The report also explains the work the CFPB and its Office of Servicemember Affairs does to protect military families in the financial marketplace. Debt problems also are a leading cause of revoking secuirty clearances, which affects military preparedness.

> Keep Reading
Report | U.S. PIRG Education Fund | Financial Reform

Medical Debt Malpractice

Millions of Americans are contacted by debt collectors every year over debt related to medical expenses. "Medical Debt Malpractice" is the latest (9th) in our series based on analysis of complaints in the Consumer Financial Protection Bureau's public complaint database. The report demonstrates that the CFPB is a critical agency protecting consumers against unfair financial practices and needs to be defended against special interest attacks.

> Keep Reading
Report | U.S. PIRG Education Fund and Frontier Group | Financial Reform

Big Banks, Big Overdraft Fees

Overdraft fees are a major source of consumer pain, since they are borne disproportionately by Americans with few financial resources. Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and NSF fees, an increase of 3.6 percent over the same period in 2015. American consumers should look to the Consumer Financial Protection Bureau (CFPB), which has already enforced overdraft regulations and returned millions of dollars to consumers, to take new action to prevent unfair overdraft fees.

> Keep Reading
Report | U.S. PIRG EDUCATION FUND | Consumer Protection

Trouble In Toyland 2016

For more than 30 years, U.S. PIRG Education Fund has conducted an annual survey of toy safety. These reports have led to more than 150 recalls and other regulatory actions over the years, and have helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children.

> Keep Reading
Report | U.S. PIRG Education Fund | Consumer Protection

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the Consumer Financial Protection Bureau. In this report, we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans.

> Keep Reading

Pages

Blog Post | Consumer Protection, Financial Reform

U.S. PIRG Education Fund Files Amicus Brief in the U.S. Supreme Court Supporting States in Antitrust Litigation Against American Express | Michael Landis

On July 6, 2017, U.S. PIRG Education Fund filed with the U.S. Supreme Court an amicus brief supporting several states who are asking the Court to review a Second Circuit judgment that allows American Express to prohibit merchants from encouraging customers to use lower-priced payment options.

> Keep Reading
Blog Post | Public Health, Consumer Protection

Slow and Steady Progress Getting Toxic Chemicals out of Soaps, Shampoos, and More | Dev Gowda

In the past year, we’ve seen a lot of progress. Consumers are at the forefront of making that happen, and I’m proud that we’ve been able to harness consumer preferences and push several companies to do better. Here’s what’s happened over the past year.

> Keep Reading
Blog Post | Public Health, Consumer Protection

Men: The Lead in Your Hair Dye Could be Harming You | Kara Cook-Schultz

Lead acetate is a substance used since the Roman Empire added it as a sweetener to food and drinks. But today we don’t drink it — we know that lead acetate can cause serious health problems. Some health risks posed include lung irritation, abdominal pain, nausea, high lead levels in blood and urine, cancer, and even death in the most serious cases.

> Keep Reading
Blog Post | Public Health, Consumer Protection

Court rules that people should be protected from untested pesticides | Kara Cook-Schultz

A groundbreaking court victory came out yesterday: The 9th Circuit Court of Appeals upheld an important pesticide law and ruled that pesticides can’t be sold until they’re tested for safety. 

> Keep Reading
Blog Post | Financial Reform

PHH v. CFPB: The Latest Attack on the Consumer Bureau | Michael Landis

Tomorrow, Wednesday, May 24, the full D.C. Circuit will hear oral argument in PHH v. CFPB—a case that could have a significant impact on the work of the most effective consumer protection agency that we have. Check out this blog and new short video from PIRG Litigation Director Mike Landis on why the idea of the Consumer Financial Protection Bureau needs no defense, only more defenders.

> Keep Reading

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