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.
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Another attempt to undermine the consumer watchdog
Republicans in Congress are at it again: threatening the power, autonomy and budget of the Consumer Financial Protection Bureau (CFPB) in favor of de-regulating banks and businesses (the same industries that were responsible for the Great Recession and the national economic meltdown). By passing H.R. 1195, Republican leadership attempts to reverse the agency’s power by making it more accountable to Congress than any other federal regulator.
Deciding what’s “fair” when reforming tax laws
As the Senate Finance Committee considers reform policies to the nation’s tax code, including ways to lower the corporate tax rate of 35%, coalition advocates, including Consumer Action, remind legislators of the implications taxes have on retirement savers, the middle-class and low-wage earners who cannot afford to pay more.
Federal data breach law would preempt stronger state laws
A federal data breach law seeks to simplify compliance for businesses, but consumer advocates argue the move would weaken protections for consumers in states with higher standards.
Financial advisor conflict-of-interest rule a win for consumers
The Department of Labor released its conflict of interest proposed rule this week, which will be used to revamp the Employee Retirement Income Security Act's (ERISA) conflict of interest rules. The regulation would require advisors to put their clients' interests first and aims to protect unknowing customers from being put into high-cost, poorly performing investments that primarily benefit brokers and other financial advisors.
Consumer advocates come out against forced arbitration clauses
Following a report released by the Consumer Financial Protection Bureau (CFPB) showing that tens of millions of Americans have clauses in their credit card, checking account, student loan and wireless phone contracts that take away their rights to sue those companies in a court of law, Consumer Action joined over 100 advocates in urging the CFPB to address the use of forced arbitration clauses by prohibiting their use in consumer-held contracts.
The CFPB crack-down on prepaid cards is a win for consumers
The prepaid card market is exploding and can be found in popular national retailers like Walmart and Target. These cards are often marketed as a more affordable alternative to bank accounts and debit cards, especially for low income consumers. What consumers may not know is companies known for their predatory financial services have been quick to jump into the industry, largely due to the lack of regulations and standardization requirements. The Consumer Financial Protection Bureau (CFPB) is trying to stop them.
College students targeted for predatory prepaid cards
The relationship between colleges and credit card issuers comes under increased scrutiny as legislators, advocates and the Consumer Financial Protection Agency (CFPB) doubt the benefits of linking student ID cards to a student’s credit or checking accounts. These cards, often used to distribute student aid funds, incorporate abusive practices and come loaded with fees.
The SEC’s controversial block of Nobel Laureate Joseph Stiglitz
Economist Joseph Stiglitz, who previously called for a tax on high-frequency trading, was blocked from a Securities Exchange Commission (SEC) panel that’s set to advise regulators on issues facing U.S. equity markets.
The FBI doesn’t need a warrant to read your email – it should
Although originally enacted in 1986 to protect consumers, the Electronic Communications Privacy Act (ECPA) no longer reflects the nations’ reasonable expectations of privacy. The ECPA reform bill prevents the collection digital data without a warrant and has growing support from privacy advocate groups, including Consumer Action, and giant tech leaders alike.
Attempts to roll back the CFPB’s authority to protect consumers
Here we go again—those who have opposed increasing consumer protections and the creation of the Consumer Financial Protection Bureau (CFPB), are at it once more.
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