Reining in Wall Street Updates

News Release | OSPIRG | Consumer Protection

Report: Mortgage Abuses Leading Source of Older Consumer Complaints to CFPB

Portland, OR -  Mortgages were the leading source of 72,000 complaints nationwide to the Consumer Financial Protection Bureau from consumers 62 years of age and over, followed by complaints about credit reports and debt collection, according to a new report. Oregon ranked number 14 for per-capita complaints by older consumers.

Further, legislation passed by the House and awaiting Senate action intended to cripple the Consumer Bureau would place older consumers at greater risk of harm from financial scammers. 

Report | OSPIRG Foundation | Consumer Protection

Older Consumers in the Financial Marketplace

Older Americans are at risk of harm from predatory financial behavior. An analysis of more than 72,000 financial complaints submitted by older Americans (those 62 years of age and older) to the Consumer Financial Protection Bureau (CFPB) and contained in its Consumer Complaint Database suggests that mistreatment of older Americans by financial companies is widespread. 

The stories told in these complaints reinforce the importance of the CFPB’s work to hold financial companies accountable for wrongdoing, to secure relief for mistreated consumers, and to help older Americans avoid mistreatment in the financial marketplace.

The CFPB provides a valuable service to older Americans, along with all consumers. Attempts to weaken or eliminate the CFPB could risk the financial wellbeing of millions of older Americans.

Report | OSPIRG Foundation | Consumer Protection

Protecting Those Who Serve

The men and women who serve in America’s military are also active consumers in America’s financial marketplace, where tricks and traps can cause harm to their finances and their lives. An analysis of more than 44,000 complaints submitted by active duty servicemembers and military veterans to the Consumer Financial Protection Bureau (CFPB) and contained in its Consumer Complaint Database finds that mistreatment of servicemembers by financial companies is widespread. The stories told in these complaints reinforce the importance of the CFPB’s work to hold financial companies accountable for wrongdoing, to secure restitution for mistreated consumers, and to help servicemembers and veterans avoid mistreatment in the financial marketplace. 

The CFPB provides an invaluable service to America’s men and women in uniform. Attempts to weaken or eliminate the CFPB could put those who protect our country in harm’s way, both while serving abroad and here at home, and even threaten national security. The Pentagon has found that financial abuses and credit reporting mistakes can cause service members to lose security clearances, resulting in lower unit preparedness.

News Release | OSPIRG | Consumer Protection

REPORT: Debt Collection Abuses Leading Source of Servicemember and Veteran Complaints to CFPB

Portland, OR – Debt collection abuses were the leading source (32%) of 44,000 servicemember complaints to the Consumer Financial Protection Bureau, according to a new report. Further, legislation passed by the U.S. House earlier this month intended to cripple the CFPB would place servicemembers, veterans and their families in “financial harm’s way,” thereby threatening unit preparedness.

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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