A new tool to protect consumers from big banks

The new Consumer Financial Protection Bureau (CFPB) is set up to ensure that existing laws are enforced that protect you from deceptive and unfair banking practices, and from invasions of privacy. For years, many of those laws have gone unenforced because consumer protection was not a priority for the government. The CFPB will make consumer protection a priority, and the CFPB will report directly to the President of the United States.

Because the CFPB is brand new, it is currently asking the public for input into what consumer problems it ought to prioritize. U.S. PIRG is recommending:

  • Stopping banks from tricking consumers into excessive overdraft fees
  • Requiring banks to more clearly disclose their fees
  • Ensuring that private student lenders are honest with students and parents
  • Making debit and prepaid cards as safe to use as credit cards
  • Getting credit bureaus to quickly fix mistakes that can harm consumers’ credit


Use the form below to share with CFPB Director Richard Cordray what you think their priorities ought to be.

 

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Dear CFPB Director Richard Cordray,

Congratulations on your appointment as first Director of the Consumer Financial Protection Bureau. Here are some of my thoughts on what the Bureau ought to prioritize in order to best protect consumers (Docket No. CFPB-2012-0007):

Sincerely,
[Your Name]
[Your Address]
[City, State ZIP]

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