Postings

Save retirement rule, advocacy groups urge lawmakers
Consumer Action joined its allies in the Save Our Retirement coalition in a letter to Congressional leadership objecting to an effort to roll back Department of Labor (DOL) fiduciary protections through a rider on the current spending bill.

Pell Grants remain in jeopardy, impacting vulnerable low-income students
Student debt is hitting record highs and low-income students already graduate with the most debt. Yet some in Congress are planning to raid Pell Grant funds to spend them on other programs. These Pell funds are reserved to help make sure the most financially vulnerable college students don't have to borrow even more. Pell Grants are essential for providing low- and middle-income students the opportunity to attend and complete college, and pursue careers in an economy that increasingly requires a postsecondary education.

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.

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.

No room for ideological riders in our nation’s budget
Earlier this year, hundreds of riders – most of them special favors for big corporations and ideological extremists – were proposed as a part of the FY17 omnibus process. The Clean Budget Coalition and its allies in Congress blocked most of them. Now, with the FY18 budget process getting underway, some members of Congress once again are insisting on including riders. The coalition maintains that these measures, which have nothing to do with funding our government, have no place in the appropriations process.

The CHOICE Act is WRONG for Americans and the economy
A bill being considered by the House, the Financial CHOICE Act, or more-aptly called “WRONG CHOICE Act” (H.R. 10) would eviscerate post Great Recession safeguards, including most of the Dodd-Frank Wall Street Reform and Consumer Protection Act, putting the U.S. economy and taxpayers in the same perilous position as prior to the financial crisis.

DASH for the STASH: Learn investment skills, enter to win cash
The 2017 DASH for the STASH investment education program runs April 1-Oct. 31, 2017. Consumer Action is promoting the program to our network of community-based organizations. DASH for the STASH is a partnership between the Investor Protection Institute (IPI) and participating state securities offices.

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.

Hands off the CFPB!
Advocates penned a very clear response to Delaware’s Senator Tom Carper’s stated interest in exploring changes to Consumer Financial Protection Bureau’s (CFPB) structure: “Back off!” The CFPB has been wildly successful at protecting American consumers and weakening the agency’s oversight would be a grave mistake. The only reason to do so would be to favor the banking and financial industries that jeopardized the world economy and devastated American families less than a decade ago.

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