Postings

10 years after Great Recession, Senate considers Dodd-Frank rollbacks
Crapo (R-ID) introduced a bill that takes aim at Dodd-Frank Act protections for consumers and the ability to monitor big banks to prevent another financial meltdown. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155) would put consumers at greater risk of predatory lending and weaken other important safeguards passed since the last crisis. Consumer Action joined advocates in a March 8 letter asked that the legislation be given full floor consideration as a separate bill and an open amendment process.

SAFE Lending Act protects working families from cycle of debt
In an effort to end predatory lending practices, both online and offline, that are leaving many Americans trapped in a cycle of debt, Consumer Action and advocates support and encourage U.S. senators to co-sponsor the Stopping Abuse and Fraud in Electronic, or SAFE, Lending Act (S. 2760). Introduced by Sen. Jeff Merkley (D-OR), the bill aims to curb predatory lending practices and promote financial stability among working families.

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.

Federal government should not be financing gentrification of low-income neighborhoods
Consumer Action joined legal service offices, housing and consumer credit counseling agencies, base organizing groups and civil rights organizations in expressing strong concerns over the Federal Housing Finance Agency's oversight of Government Sponsored Entities (GSEs) and the Federal Home Loan Bank System enabling the displacement of low-income people and people of color.

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.

Secretary DeVos called on to protect student loan borrowers of color
Consumer Action joined the Leadership Conference on Civil and Human Rights, a coalition of more than 200 national advocate organizations, in sending a letter to U.S. Secretary of Education Betsy DeVos, expressing strong concerns about the Department of Education’s recent changes to student loan servicing, debt collection, and higher education regulations and their impact on Black and Latino borrowers. These actions are inconsistent with the Department of Education’s responsibility to advance higher education and serve the interests of all students, including students of color.

Enough with the sneaky and harmful policy riders
Appropriations bills continue to be misused to undermine essential consumer and environmental safeguards through poisonous policy riders. Enough is enough! Advocates are asking Congress to oppose any FY 2018 bills that contain controversial riders regarding unpopular and dangerous initiatives that would otherwise never pass on their own.

Wells Fargo has some (more) explaining to do
As widespread, deceitful business practices at Wells Fargo continue to come to light, and knowing that Wells Fargo most likely withheld information related to an estimated 800,000 cases of fraudulent auto insurance sales practices during its last Congressional hearing, advocate groups are urging the Senate Banking Committee and House Financial Services Committee to hold more hearings regarding the bank’s fraudulent activity.

Fiduciary rule should extend to non-retirement accounts too
The Department of Labor’s fiduciary rule requires anyone providing investment advice regarding retirement accounts to avoid recommendations that create conflicts of interest. But why isn’t the rule applied to non-retirement investment accounts as well? In a letter to the Securities and Exchange Commission, advocates press for broader protections for investors, including a best interest standard for all personalized investment recommendations.

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