Coalition EffortsConsumer Action is working on these important issues along with other organizations. If you would like to know more about these issues, please see "More Information" at the end of each article.
Table of Contents
Concerns raised about sale of Corinthian Colleges
A coalition of 46 student, consumer, veterans and civil rights groups wrote to the Obama Administration and U.S. Department of Education to oppose the proposed sale of 56 Corinthian Colleges' campuses to ECMC, a nonprofit student loan guarantee agency.
Topps trading cards company violates child protection laws
Consumer Action joined coalition advocates in urging the Federal Trade Commission (FTC) to investigate Topps candy and trading card company for violating the Children's Online Privacy Protection Act (COPPA) Rule. Through its websites that are marketed to children, Topps collected personal information, including photos and online contact information, from users that were under 13 years old without providing notice to parents or obtaining verifiable parental consent.
In favor of expanding the CFPB’s reach in the auto industry
In light of its recent supervision report detailing auto-lending discrimination uncovered at banks, the Consumer Financial Protection Bureau (CFPB) is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
Keep cool on COOL
Advocates from over 200 farm, faith, environmental, labor, rural and consumer organizations delivered a letter to the Senate urging the legislators to reject any effort to repeal, rescind or weaken Country of Origin Labeling (COOL) in any federal spending legislation. Advocates argue COOL has been embraced by consumers who want to know where their food comes from and by family farmers who are proud to provide that information.
In favor of improving mortgage data to prevent housing discrimination
The Consumer Financial Protection Bureau’s (CFPB) is proposing to improve the quality and type of Home Mortgage Disclosure Act (HMDA) data collected, as required by the Dodd-Frank Act. HMDA data is used to evaluate mortgage lending activity, particularly to understand the dynamics of the mortgage market for underserved borrowers and communities of color. Consumer Action joins coalition advocates in supporting the CFPB's efforts to improve HDMA data collection and urges the Bureau to expand on its collection fields and take further steps to improve the quality of the data collected.
Consumer protections weakened after repealing Reg. AA
Banking regulatory agencies repealed Regulation AA in August. Reg. AA bans banks from unfair and deceptive acts as described in the FTC Credit Practices Rule (like pyramiding late fees, taking security interests in household goods, etc.). In its stead, the agencies jointly issued the Interagency Guidance regarding Unfair or Deceptive Credit Practices (the Guidance), which clarifies to banks and financial service providers that the credit practices described in these former regulations are still not permissible. Consumer Action joined coalition advocates in seeking a stronger rule that mirrors and improves upon the protections originally included in Regulation AA.
Fixing the predatory lending industry for good
The Consumer Financial Protection Bureau (CFPB) is currently developing new rules to regulate high cost ‘quick fix’ loans - like payday loans. Consumer Action has joined nearly 500 other organizations from around the country in a letter urging the CFPB to write regulations that are strong enough to effectively end the ‘debt trap’.
Mortgage Choice Act of 2014 protects lenders - leaves homebuyers out in the cold
The Mortgage Choice Act of 2014 (H.R. 3211) contains certain provisions that would both increase fees for homebuyers and provide additional legal protections for lenders who make riskier loans. The passage of this bill may deter consumers seeking to purchase a home or refinance their current mortgage. As the housing market continues to recover, Consumer Action joins consumer advocates in urging Congress to oppose H.R. 3211 in order to protect basic, existing, consumer safeguards.
CFPB’s complaint database - more can be done to help student loan borrowers
Consumer Action joined student loan advocates in supporting the Consumer Financial Protection Bureau (CFPB)'s public consumer complaint database. While the database provides consumers with empowering details regarding financial institutions, more can be done to improve and expand the database so it better captures student loan complaints. With student loan servicing complaints rising, student borrowers have a lot to gain by sharing public details of issues they've encountered. These improvements will help students and their families successfully manage and repay their student loans and strengthen the CFPB’s and other regulators’ ability to monitor the student loan industry and enforce the law.
Details of consumers’ complaints regarding the financial industry should be public
Consumer advocates wrote to the Consumer Financial Protection Bureau (CFPB) in favor of publishing consumers' complaint narratives regarding the banking, credit and loan industries. Public complaint details empower consumers to make better financial decisions, prevents problems and improves the functioning, transparency, and efficiency of markets. However, leaders from the financial industry do not agree and fear their reputations will be hurt if complaint details are made publicly available.
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