Table of Contents

Legislation would curb abusive “trigger leads”—unwanted home financing offers to mortgage borrowers
Diverse groups signed on to letter supporting the Homebuyers Privacy Protection Act of 2024, which would curb the abusive use of mortgage credit “trigger leads”—the sale of consumer data that results in a bombardment of calls seeking to lure them from their chosen lenders.

Opposition to Earned Wage Access Consumer Protection Act
More than a hundred advocacy groups wrote to U.S. Representative Bryan Steil, author of the draft Earned Wage Access Consumer Protection Act, to voice their opposition to the bill because its true effect would be to exempt FinTech companies and payday lenders from regulations designed to protect consumers.

Another call for agencies to protect disaster victims from negative credit reporting
Groups again urged government agencies to help protect the credit reports and scores of consumers impacted by natural disasters, who may unavoidably miss bill payments in the aftermath of the devastation.

Agencies should ensure that hurricane victims are protected from negative credit reporting in aftermath of disaster
In a letter to CFPB, OCC, FHFA, FHA, FDIC, NCUA and FRB, Consumer Action and 25 other advocacy organizations urged agencies to help protect the credit reports and scores of consumers impacted by Hurricane Fiona and Hurricane Ian.

Coalition asks CFPB to issue a rule that would prohibit medical debts from appearing on credit reports if the debts arose from medically necessary services
Consumer Action was one of 91 consumer, civil rights, healthcare and advocacy organizations signed on to a letter urging the Consumer Financial Protection Bureau to begin the process of issuing a rule that would prohibit medical debts from appearing on credit reports if the debts arose from medically necessary services.

Comments submitted in support of CFPB’s proposed rulemaking to prohibit the inclusion of adverse information in consumer reporting in cases of human trafficking
Survivor advocacy and consumer groups submitted comments in support of the CFPB’s Notice of Proposed Rulemaking regarding the prohibition on inclusion of adverse information in consumer reporting in cases of human trafficking. Measures should be put in place that prevent trafficking survivors from being penalized for what their traffickers have done in their names.

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.

Regulators should reject FinTech startup’s bank charter application
Advocates called upon federal banking regulators to reject a worrisome and inadequate bank charter application recently filed by Figure Bank, National Association. The coalition warns that the FinTech company’s bank application is silent about core issues of honesty, transparency and sustainability. Federal banking regulators are the public’s first line of defense. They have a duty to protect the public from investors who are more interested in lining their own pockets than in helping their customers and communities build wealth.

Ensure that banks equitably and justly invest in our communities
A coalition of 60 groups wrote a letter urging the Consumer Financial Protection Bureau (CFPB) to develop a strong rule requiring small business lenders to report on the race, ethnicity and gender of their borrowers, the neighborhoods where they lend, and what they charge for their loans. Members of the coalition have been advocating for small business data collection and transparency within the small business market for decades. Robust small business data collection through the Section 1071 rule will result in enhanced transparency, more responsible lending practices, targeted enforcement of fair lending laws, informed policymaking, healthier markets, and reduced racial and gender wealth gaps.