Postings

Trump wants to use credit scores to keep immigrants out of the country
The Department of Homeland Security has issued a terrible proposal that intends to use immigrants’ personal credit information as part of the assessment to qualify for a green card or visa. Using an irrelevant, often error-prone, measure like a credit score to assign immigration status is not only absurd, it misuses credit information, and places financial stress and economic harm on families.

Kathy Kraninger is shockingly unqualified to lead the CFPB
Despite the nominee having no related experience or qualifications, the Senate voted in a lame duck session to confirm Kathy Kraninger as the next director of the Consumer Financial Protection Bureau (CFPB). Advocates urged the Senate to oppose Kraninger for lack of finance, banking regulation, or consumer protection experience, as well as for her central role in administering the inhumane and un-American policy of separating thousands of children from their parents along the southwest border. Kraninger was later approved by Senate in a partisan 50-49 vote, with all Democrats opposing her nomination.

Senate should reject Kraninger for CFPB Director
Eighty civil rights and consumers groups wrote to Congress, urging a “no” vote on the nomination of Kathy Kraninger to head the Consumer Financial Protection Bureau. Kraninger has no record of protecting consumers or standing up to powerful Wall Street special interests—key traits we all want in America’s chief consumer advocate. Americans deserve a consumer champion at the CFPB, not someone will continue Mick Mulvaney’s anti-consumer agenda.

The CFPB’s consumer education programs must be protected
In open comments to the agency, advocates urged the Consumer Financial Protection Bureau (CFPB) to keep its education programs, just one component in its set of consumer protection tools. Other Bureau responsibilities, including its enforcement and rulemaking authority, should also be utilized to fully protect consumers in accordance with the CFPB’s mission.

Policy riders are a shady attempt at regulating CFPB
Friends of Wall Street and the banking industry in Congress want to remove the Consumer Financial Protection Bureau from under the Federal Reserve System where it is currently housed and funded. Instead, they want to relegate it to the appropriations process in hopes of sabotaging its independence—a key element in overseeing the consumer finance markets.

Consumers deserve more control over their credit reports
Consumer, civil rights and advocacy groups wrote to members of Congress to express opposition to the Credit Access and Inclusion Act (HR 435). This legislation, if enacted, would reduce consumers’ control over their own data by preempting state and federal privacy protections, damage the credit scores of millions of consumers with a disproportionate impact on African Americans, and conflict with long-standing state utility regulatory consumer protections.

Advocates call on Congress do more for victims of Equifax breach
The Equifax data breach is prompting advocates to call on Congress for better protection of consumers' sensitive financial information. Not only should free credit freeze legislation be implemented immediately, but Congress should also resist the financial and banking industries attempts to pass legislation that preempts stronger state laws in matters that relate to consumers’ data security and privacy.

The CHOICE Act is WRONG for Americans and the economy
A bill being considered by the House, the Financial CHOICE Act, or more-aptly called “WRONG CHOICE Act” (H.R. 10) would eviscerate post Great Recession safeguards, including most of the Dodd-Frank Wall Street Reform and Consumer Protection Act, putting the U.S. economy and taxpayers in the same perilous position as prior to the financial crisis.

Will alt data sources help the credit invisible? It depends.
As the Consumer Financial Protection Bureau (CFPB) takes a closer look at alternative data and the impact it has on those who are deemed “credit thin” or “credit invisible,” consumer advocates submit their own recommendations on the matter. While it’s true that credit invisibility poses a real problem for many, a lack of credit history could be better than negative credit history. Whether the use of alternative data in calculating credit scores is likely to help or hinder one’s access to credit will depend on the information being used, the consumer’s ability to consent to its use, and the way that creditors interpret and apply the data.

The Choice Act 2.0 is the WRONG choice for consumers
Advocates are urging Congress to oppose the so-called Financial Choice Act 2.0, that aims to repeal parts and eviscerate parts of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, including the centerpiece Consumer Financial Protection Bureau. The (Wrong) Choice Act would grind the CFPB to a halt by turning it into a gridlocked Commission, and eliminate its independent funding. This irresponsible assault takes all the worst ideas and combines them into one toxic package.

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