Table of Contents

Call for SEC to ban mandatory arbitration agreements
Consumer Action joined allies in a letter to the SEC chairman asking the agency to issue a rulemaking banning the use of mandatory pre-dispute arbitration agreements in investment adviser and broker-dealer contracts.

DOL’s proposed rule would expand fiduciary requirement for those providing investment advice
Dozens of organizations signed on to a letter to the Department of Labor expressing support for the agency’s proposed rule that would provide comprehensive protections for consumers who turn to professional advisors for retirement investment advice.

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.

Congress should empower regulators to prioritize investor protection over digital asset industry’s unproven promises
Consumer Action joined other consumer advocacy organizations in a letter to congressional leaders asking that they empower regulators to use their existing authorities to prioritize consumer and investor protection over the digital asset industry’s largely unproven promises, rather than pursuing legislative proposals, which can be inadequate or can be compromised by industry influence.

SEC should end greenwashing by investment funds and require greater transparency
Nearly a hundred advocacy organizations signed on to a letter calling on the SEC to end greenwashing and increase transparency for funds classified as environmental, social and governance (ESG).

DOL’s plan to require excessive care by retirement plan fiduciaries when considering offering cryptocurrency as a 401(k) investment option is prudent
Consumer Action was one of a dozen advocacy organizations representing consumers, workers and retirees signed on to a letter to the U.S. Department of Labor (DOL) expressing support for the agency’s plan to require excessive care by retirement plan fiduciaries when considering offering cryptocurrency as a 401(k) investment option.

Establish new rules to provide investors with new and necessary information they need in order to make the best decisions possible
In a letter to the SEC, advocates sent a comment letter to the Securities and Exchange Commission supporting several of its proposals that would better protect investors in private funds (such as hedge funds and private equity firms), where they currently do not have the basic, necessary information they need to make informed decisions.

Protect retirees and savers from conflicted investment advice
A broad coalition of leading worker, consumer and investor advocates has urged the Department of Labor (DOL) to quickly update and strengthen the rules governing retirement investment advice to help protect workers and retirees from harmful conflicts of interest. Conflicted retirement investment advice costs retirement savers tens of billions of dollars every year.

Stronger CRA rules still needed to ensure equal access to credit
With a new proposal imminent from federal bank regulators, community, civil rights and consumer advocacy groups stress the urgency of updating the Community Reinvestment Act (CRA). The CRA is a civil rights era law meant to end and reverse the impact of 20th century redlining by requiring banks to lend in all communities where they are chartered to do business. Critical changes to both the process and metrics of CRA exams that evaluate lender performance, as well as updates to how digital banks are assessed, are needed to ensure that communities of color have equal access to credit to buy homes or build and grow businesses.

The system is broken: It’s time for income-driven repayment reform
A group of 104 diverse advocacy organizations sent a letter to the Biden administration, calling on U.S. Secretary of Education Miguel Cardona to reform broken, dysfunctional income-driven repayment (IDR) programs with the creation of an IDR restoration project or waiver. While student loan cancellation under IDR has been possible since 2016, just 32 borrowers have ever successfully had their loans cancelled. At the same time, over 4.4 million borrowers have been in repayment for 20 years or longer, despite theoretically being able to access forgiveness via IDR.