Postings

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.

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.

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.

ED urged to put students’ interest first as it reconsiders critical regulations
Consumer Action joined veteran, student, civil rights and college advocates in submitting public comments to U.S. Education Secretary Betsy DeVos urging the Department of Education to place the interests of students at the forefront as it explores potential changes to student lending regulations. The comments specifically urge the Department to reverse course and enforce, rather than roll back, existing regulatory protections for students and taxpayers.

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.

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.

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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