Postings

It’s time for Wall Street traders to pay their fair share
A tiny tax on financial transactions aims to raise revenue and cut down on speculative behavior in the stock market. The Wall Street Tax Act of 2019 would impose a small tax (0.1 percent, or 10¢ per $100) on securities transactions, including trades of stocks, bonds and derivatives.

Consumers need stronger credit reporting protections
Consumer Action joined over 80 advocate organizations in supporting the biggest overhaul of the consumer credit reporting industry in years. House Financial Services Committee Chairwoman Maxine Waters’ introduced the Comprehensive Consumer Credit Reporting Reform Act of 2019—legislation that aims to protect consumer data, prevent identity theft, and ensure the accuracy of consumer credit files.

Protect consumers, not pyramid-scheme businesses
Consumer Action joined advocates in urging the co-sponsors of the 2018 Anti Pyramid Promotional Scheme Act to refrain from reintroducing the bill in the 116th Congress. If this bill were to become law, it would eliminate the Federal Trade Commission’s authority to take action against all but the most blatant pyramid schemes, leaving millions of consumers vulnerable to fraud.

National comparison data for colleges erased
In reaction to the Education Department’s latest update to the college comparison tool, College Scorecard, consumer, higher education, and student advocates wrote to Secretary Betsy DeVos urging her to reinstate key outcome metrics that provide critical statistics for would-be students, and transparent accountability measures for the individual schools.

A major victory for cheated students on borrower defense regulations
A federal judge sided with consumer advocates and ruled that Education Secretary Betsy DeVos' delay of a key student borrower protection rule was improper and unlawful. Judge Moss also rejected a request to postpone enforcement of the Borrower Defense Rule by an association of for-profit colleges. This meant the 2016 Obama-era regulation aimed at providing relief for scammed student-loan borrowers took effect immediately, despite efforts by the Department of Education and the for-profit college industry to delay it.

Consumer advocates oppose loosening rules for FinTech providers
Consumer Action joined a coalition of 50 public interest groups in sharply criticizing the Consumer Financial Protection Bureau’s (CFPB) proposal to gut important consumer protection rules, especially for FinTech companies, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.

The FCC can do more to stop annoying, and illegal, robocalls
Nearly a year ago, the Federal Communications Commission (FCC) approved rules to allow phone companies to block specific categories of clearly illegally spoofed calls. However, no visible progress has been made to actually reduce the volume of unwanted calls. A lack of law enforcement recourse around illegal robocalls has prompted consumer advocates to ask the FCC to do more.

ED’s latest regulatory rollback favors scam schools over students and taxpayers
Consumer Action joined more than 60 organizations and advocates in submitting joint comments on the U.S. Department of Education's proposal to eliminate the gainful employment rule that protects students and taxpayers from spending money on career education programs that do not prepare students for gainful employment as required under federal law. The coalition urged the Department to abandon their proposal to eliminate the existing rule and instead start properly enforcing the current rule.

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.

“License to Kill” bills in New Jersey are as terrifying for consumers as they sound
S 2740 and A 4292, dubbed the “License to Kill” bills, would make regulating auto industries in the state of New Jersey, and protecting the safety of New Jersey consumers, much more difficult. Backed by unscrupulous auto dealers, the bills would drastically weaken the existing laws in the state that protect consumers from being defrauded and purchasing unsafe vehicles.

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