Financial Reform

This opportunity doesn’t come around very often: we have a chance to stop the payday loan debt trap. Submit a public comment in favor of a strong payday loan rule here.

Payday Loan Expansion Stopped

In July 2015, after WISPIRG convened a coalition of 30 groups to call for action, Gov. Scott Walker vetoed budget provisions that would have dramatically expanded payday lenders’ authority to sell predatory financial products to Wisconsin consumers. Payday loans trap consumers in a spiral of growing debt with detrimental impacts, particularly for low-income borrowers.

Payday Loan Expansion Stopped

In July 2015, after WISPIRG convened a coalition of 30 groups to call for action, Gov. Scott Walker vetoed budget provisions that would have dramatically expanded payday lenders’ authority to sell predatory financial products to Wisconsin consumers. Payday loans trap consumers in a spiral of growing debt with detrimental impacts, particularly for low-income borrowers.

News Release | U.S. PIRG | Financial Reform

Statement Commending New Military Consumer Enforcement Act

Read our statement commending the introduction of the Military Consumer Enforcement Act by Sens. Jack Reed (RI), Sherrod Brown (OH) and others. These senators have the right idea-- strengthen the CFPB’s ability to protect servicemembers, veterans and their families. Why do others want to weaken the CFPB?

News Release | WISPIRG | Consumer Protection, Financial Reform

WISPIRG Statement on Passage of the “Wrong Choice Act” By U.S. House

Today, the U.S. House, on a nearly party-line vote, approved H.R.10, the Financial CHOICE Act – the Wrong Choice for all of us who aren’t Wall Street banks or predatory lenders.

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

By | Michael Landis
Litigation Director

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.

News Release | U.S. PIRG | Financial Reform

Statement on House Financial Services Committee Passage of HR 10, the Wrong Choice Act

Today, the House Financial Services Committee approved HR 10, the so-called Financial Choice Act, on a straight party-line vote. We call it the Wrong Choice Act. The bill eviscerates the successful CFPB, which has returned $11.8 Billion to over 29 million consumers in less than six years. The bill repeals much of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act enacted to protect us after the 2008 financial collapse. Our statement is below.

Banks Cook Books To Promote Wrong Choice Act, Attack CFPB

By | Ed Mierzwinski
Consumer Program Director

Today the House Financial Services Committee takes up the so-called Financial Choice Act, which we call the Wrong Choice Act, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and leave the CFPB an unrecognizable husk incapable of protecting consumers. Some 52 state bank associations urged support of the bill, based on a "cook-the-history-books" analysis of bank consolidation, which has not increased since 2010, even though they make the claim based on preposterous math.

News Release | WISPIRG | Consumer Protection, Financial Reform

WI Members of Congress Move to Dismantle Dodd-Frank, Predatory Lending Protections

A wave of attacks on consumer protections and financial regulation is coming through Congress this week, some led by Wisconsin legislators. Consumer advocates and faith leaders highlighted the impacts these attacks would have on Wisconsinites, should they move forward.

Financial Choice Act: A Cruel Choice for the CFPB & Consumers

By | Ed Mierzwinski
Consumer Program Director

UPDATED 4/25 with link to our letter to Congress. This week, on Wednesday 4/26, the House FInancial Services Committee holds a hearing on Chairman Jeb Hensarling's Financial Choice Act 2.0. It's a brutal un-do of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that forgets, or ignores, the historical fact that reckless bank practices abetted by loose regulators wrecked our economy in 2008. A key goal of the proposal is to weaken the successful CFPB into an unrecognizable husk incapable of protecting consumers.

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Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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