Table of Contents

Restricting forced arbitration protects investors
Consumer Action and coalition advocates urge the U.S. Securities Exchange Commission's (SEC) new Chairman, Mary Jo White, to review and exercise the explicit authority to restrict pre-dispute binding mandatory arbitration that Congress granted to the SEC in the Dodd-Frank Act.

Dairy Security Act will raise prices on milk and dairy products
The Dairy Market Stabilization Program, included in the Dairy Security Act of the Farm Bill, is specifically designed to raise milk prices and would ultimately increase the prices that consumers pay for milk and dairy products.

Protecting consumers from predatory student loans
Consumer Action and coalition organizations respond to the Consumer Financial Protection Bureau’s (CFPB) request for information regarding an initiative to promote student loan affordability. The CFPB should be aggressive and creative in seeking solutions for these borrowers that satisfy five essential criteria.

Payday loans are dangerous for consumers
Banks pitch payday loans as short-term borrowing that allows their customers to deal with a financial emergency, repay the loan, and move on. In fact, CRL's research shows that their triple-digit interest rate loans trap borrowers in a long-term cycle of repeat loans.

FTC’s New Car Rule benefits used car dealers and hurts consumers
Consumer Action joins advocates in denouncing the FTC's Used Car Rule. The FTC has disregarded all the major recommendations made by consumer groups and state attorneys general, and instead proposes to make an antiquated, bad rule even worse. The people who will benefit from the FTC's proposed rule are unscrupulous auto dealers, and the people who will be hurt are used car buyers.

SAFE Lending protects consumers from risky practices
In a letter to Rep. Suzanne Bonamici, Consumer Action joins other advocates in supporting the SAFE Lending Act of 2013. This legislation seeks to protect consumers from abusive practices in payday lending.

Curbing dangerous Wall Street practices
“The Wall Street Trading and Speculators Tax Act” calls for a tax of 0.03 percent on trades of stocks, bonds, futures, options, swaps, credit default swaps and other complex financial instruments.

In favor of cell phone privacy in Maryland
Because personal and often private information can be revealed by cell phone location tracking, Consumer Action and the ACLU insist that law enforcement in Maryland obtain a search warrant based upon probable cause before accessing this information.

Regulating creditor-paid broker compensation protects consumers from risky loans
There has been a long history of mortgage brokers putting borrowers into more expensive and riskier loans in order to earn larger creditor payments. Such practices were particularly pronounced in the lead-up to the financial crisis, but remain a concern even after passage of Dodd Frank. Consumer Action and advocates address the question of how the Consumer Financial Protection Bureau (CFPB) should apply the revised points-and-fees definition to creditor-paid broker compensation regarding Qualified Mortgages (QM).

E-Verify to cause complications and challenges
With immigration reform once again on Congress’ agenda, many proposals include “internal enforcement” of immigration law through federal background checks on all workers. Consumer Action believes the E-Verify system, and proposals for a national E-Verify mandate, will cause complications and challenges.