Postings

Revamping the CFPB’s “Qualified Mortgage” standard could impact credit availability
The Consumer Financial Protection Bureau’s (CFPB) proposed changes to the Qualified Mortgage (QM) definition would allow the government-sponsored enterprise (GSE) patch to sunset in 2021. Advocates warn that terminating the patch could cut off adequate access to mortgage credit to borrowers who are self-employed or more likely to work non-traditional jobs and don’t often conform to traditional QM standards, including borrowers of color and borrowers with student debt.

Don’t water down banks’ overdraft opt-in rule
For many banks, overdraft fees are a huge source of income, despite regulations that sought to restrict banks from charging them unless customers opted into overdraft protection coverage. Now the CFPB is reviewing the overdraft rule and asking for input. Advocates warn that relaxing the rule could be detrimental to consumers and their bank accounts.

New Jersey steps up to protect investors from predatory products and advice
New Jersey’s Bureau of Securities announced a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers. Advocates greatly appreciate states such as New Jersey that are willing to step in to fill the regulatory void by providing the protections investors need and expect. New Jersey is one of several states, including Nevada and Massachusetts, seeking to set their own investment advice standards.

California to lead the effort to protect student loan borrowers
AB 376, the Student Borrower Bill of Rights, would make California the first state in the nation to create a comprehensive set of rights for people holding student debt by requiring student loan companies to treat borrowers fairly and giving borrowers the right to hold these companies accountable when they fail to meet basic servicing standards.

It’s time for Wall Street traders to pay their fair share
A tiny tax on financial transactions aims to raise revenue and cut down on speculative behavior in the stock market. The Wall Street Tax Act of 2019 would impose a small tax (0.1 percent, or 10¢ per $100) on securities transactions, including trades of stocks, bonds and derivatives.

Forced arbitration silences victims and should end
Consumer Action joined coalition advocates in supporting Senator Sherrod Brown’s (D-OH) effort to restore Americans’ right to a day in court with the Arbitration Fairness for Consumers Act (S. 630). Ending the use of forced arbitration in student loans, credit card agreements, and employment contracts gives working Americans a fighting chance against powerful special interests.

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.

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.

10 years after Great Recession, Senate considers Dodd-Frank rollbacks
Crapo (R-ID) introduced a bill that takes aim at Dodd-Frank Act protections for consumers and the ability to monitor big banks to prevent another financial meltdown. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155) would put consumers at greater risk of predatory lending and weaken other important safeguards passed since the last crisis. Consumer Action joined advocates in a March 8 letter asked that the legislation be given full floor consideration as a separate bill and an open amendment process.

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.

Search

Quick Menu

Facebook FTwitter T
 

Consumer Help Desk

Advocacy