Postings

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.

Do not exempt mortgage lenders from reporting on underserved communities
Groups oppose legislation that would exempt certain lenders from reporting on closed-end mortgage loans if the depository institution originated fewer than 1,000 such loans in each of the two preceding years.

FHFA affordable housing goals laudable, but more can be done for low-income communities
Advocates submit comments to the Federal Housing Finance Agency regarding its efforts to improve strategies that ensure those from low-income communities have better access to affordable housing and homeownership.

Elderly in homes might be deprived the right to sue for abuse and neglect
Dozens of groups in the Fair Arbitration Now Coalition submitted public comments to the Centers for Medicaid and Medicare Services (CMS) opposing its proposal to eliminate protections for seniors who are harmed by mistreatment and legal violations in nursing homes.

The FHFA should make mortgages more accessible to people with LEP
In 2014, approximately 25.3 million individuals, roughly 9 percent of the U.S. population, were considered limited English proficient (LEP). Despite this sizable need and opportunity, the language needs of many current and potential homeowners are left unmet in the mortgage marketplace.

Proposed CFPB changes to Home Mortgage Disclosure Act would protect communities
The Consumer Financial Protection Bureau’s proposed changes to the Home Mortgage Disclosure Act (HDMA) would improve the precision of HMDA data definitions and clarify reporting procedures. These changes would enhance the accuracy of HMDA data and its value in assessing whether lenders are meeting community credit needs and in exposing housing and lending discrimination.

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.

Mnuchin unfit to serve as Treasury Secretary—Senate should oppose nomination
88 advocacy groups signed a letter to the Senate voicing grave concerns about President Trump’s nominee for Treasury Secretary, former Goldman Sachs partner and OneWest Bank Chairman, Steve Mnuchin. Mnuchin, known as “The Foreclosure King,” oversaw the eviction of nearly 50,000 families from their homes during the foreclosure crisis. The bank’s aggressive foreclosure practices targeted the country’s vulnerable populations—particularly the elderly  and widowed. By approving his nomination, the Senate is putting its stamp of approval on his alarming record and choosing to rig the rules for the wealthy rather than protect American families.

Green loans may cause homeowners to see red
PACE (Property Assessed Clean Energy) loans are a special kind of financing sponsored by local governments and used to pay for energy-efficiency improvements, such as solar panels, energy-efficient appliances and windows. The Department of Energy (DOE) provides best practice guidelines for homeowners, but these guidelines don’t adequately educate property owners of the loans’ drawbacks. In a letter to the DOE, Consumer Action joined advocates in urging the agency to better alert consumers of the serious risks associated with taking out the seemingly appealing loans.

Consumers have a right to their day in court
Forced arbitration clauses are agreements that large corporations often hide in the fine print of contracts that Americans sign every day. These clauses have big consequences: By restricting access to the court system, these clauses prevent consumers who have been wronged from seeking meaningful legal recourse. The Consumer Financial Protection Bureau has proposed a new rule that will prohibit financial services companies and big businesses from including provisions in their fine-print agreements that prevent class-action lawsuits. It's a good start toward unraveling the growing stranglehold that forced arbitration has on consumer rights.

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