Postings

Advocates urge CFPB to require transparency for remittance fee disclosures
In a letter to the CFPB, advocates asked the Bureau to amend the Remittance Rule, which governs fees, disclosures, etc. on international remittances, so that the total cost of a remittance is transparent.

Advocates support bill to increase protections for bank account and payment app users
Consumer Action was among supporters of federal legislation designed to protect consumers from fraud perpetrated via person-to-person payment apps and bank accounts, which resulted in reported losses totaling $10 billion in 2023.

Organizations comment on proposals to reform the bank merger process
Consumer Action added its name to comments to the OCC and FDIC regarding regulatory proposals to reform the bank merger process, which the organizations contend are strongly biased in favor of merger approval, with little consideration for how communities are impacted.

CFPB rule would curb abusive overdraft fees
Nearly 150 groups signed on to a letter expressing strong support for the Consumer Financial Protection Bureau’s proposed rule governing overdraft fees charged by the largest financial institutions.

Bank CEOs are urged to make good on promises to close racial wealth disparities
A hundred advocacy groups submitted letters to more than 40 bank CEOs urging them to make good on comments made to close racial wealth disparities and invest in traditionally underserved communities following the widespread racial justice protests of 2020.

More than 50 organizations support the Tax on Wall Street Speculation Act
In a letter to lawmakers, 52 organizations urged active support for the Tax on Wall Street Speculation Act of 2023, sponsored by Sen. Bernie Sanders (I-VT) and Rep. Barbara Lee (D-CA). By enacting a very small tax on the sales of Wall Street trades, the U.S. could begin to address income inequality and ensure Wall Street and the ultra-wealthy pay their fair share of taxes.

FDIC should downgrade FinWise Bank over predatory ‘rent-a-bank’ lending
A coalition of consumer advocacy organizations submitted a letter to the FDIC urging the agency to downgrade FinWise Bank’s Community Reinvestment Act rating in light of the bank’s providing assistance to several nonbank lenders that enables them to make high-cost predatory loans they could not make directly.

Regulation urged to rein in excessive overdraft fees
A dozen advocacy organizations joined the Center for Responsible Lending in urging the Office of the Comptroller of the Currency (OCC) to require that OCC-supervised banks reform their predatory overdraft fee programs.

Groups push for reforms that make Community Reinvestment Act race- and climate-conscious
In a letter to the Comptroller of the Currency, the Federal Reserve System board of governors and the FDIC assistant executive secretary, Consumer Action and 25 other organizations urged key changes to the Community Reinvestment Act (CRA) under a proposed update. Among other things, the organizations want the CRA to adopt a race-conscious approach, strengthen CRA exams, increase community engagement, and address climate change and housing displacement.

Addressing abusive overdraft fees would greatly benefit the most vulnerable consumers
Nearly a hundred state and local organizations, in a letter to the House Financial Services Committee, voiced their support for the Overdraft Protection Act of 2021 (HR 4277). The legislation would address the most abusive provisions of typical overdraft coverage—bank practices that have a particularly devastating effect on lower-income consumers and communities of color.

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