Postings

It’s buyer beware with the SEC’s latest best interest proposal
Coalition advocates called on the Securities and Exchange Commission to clarify its proposed “best interest” standard, and asked that it make the required disclosures much easier to understand for consumers. They also asked the SEC make the standard no less stringent than the Advisers Act fiduciary standard. Otherwise, unsuspecting investors may not be aware that their advisers are selling them products they don’t need in order to turn a profit.

Payday alternative loans shouldn’t permit cycle of high-cost debt
In a letter to the National Credit Union Administration, more than 100 coalition advocates oppose changes that would permit credit unions to charge an unlimited number of fees on short-term loans, resembling payday loan debt.

3M seniors could lose critical benefits if Benchmark Cap remains in Medicare Advantage
Three million American seniors are at risk of being denied critically important benefits like care coordination, vision, dental, hearing, and wellness programs if Congress allows the benchmark cap to stay in place. In a letter to Congress, coalition advocates supported the bipartisan Improving Seniors Access to Quality Benefits Act (HR 4952), which aims to lift the benchmark cap, thus giving beneficiaries higher-quality care.

The CFPB’s consumer education programs must be protected
In open comments to the agency, advocates urged the Consumer Financial Protection Bureau (CFPB) to keep its education programs, just one component in its set of consumer protection tools. Other Bureau responsibilities, including its enforcement and rulemaking authority, should also be utilized to fully protect consumers in accordance with the CFPB’s mission.

Advocates tell Santander: stop racial profiling in auto lending
Advocates called on Santander Consumer USA Holdings Inc., a Dallas-based auto lender, to end its practice of allowing car dealers to add interest to a vehicle loan unrelated to the borrower’s creditworthiness.

A terrible agenda for students and taxpayers
86 organizations working on behalf of students, veterans, servicemembers, civil rights, consumers, faculty and staff, and college access, including Consumer Action, wrote to Congress to convey their strong opposition to provisions that roll back or eliminate existing guardrails relating to program integrity and consumer protections in higher education in the PROSPER Act (H.R.4508).

Border wall funding is a waste of taxpayer dollars
Funding for a border wall has faced strong opposition from a diverse coalition of organizations that include Latino, civil rights, consumer, environmental, faith and border community groups. The coalition has spent months advocating against the militarization of the border and the vilification of border and immigrant communities. As Congress moves forward with the FY2019 appropriations process, we urge leadership to reject efforts to continue funding additional border wall construction that draws scarce resources away from urgently needed infrastructure.

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.

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