Postings

DeVos clears the way for more fraudulent schools at taxpayers’ expense
The Trump administration proposed an overhaul of federal standards for college accreditors, arguing that the current rules stifle innovation. Advocates are warning that the proposed changes weaken existing oversight and give low-performing schools even more leeway to defraud students and taxpayers.

Overhauling the nation’s broken credit reporting system
Democratic members of the Financial Services Committee are calling upon Congress to enact legislation to reform the credit reporting system, enhance consumers’ credit reporting rights, create more transparency over the consumer reporting and credit scoring process, and increase the accountability of those who develop credit scoring models.

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.

Robocall madness: It’s time to stop the scams and abuse
In a letter to the ranking members of the Subcommittee on Communications and Technology and Committee on Energy and Commerce, advocates announced their support of the bipartisan Stopping Bad Robocalls Act (H.R. 3375). They urged legislators to support the bill without amendments in order to stop the abuse all Americans endure through robocall violations.

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.

Opposition to commercial driver labor standards puts California workers and drivers at risk
Advocates oppose the American Bus Association’s petition to the Federal Motor Carrier Safety Administration (FMCSA) to preempt California’s longstanding meal and rest break laws as applied to passenger-carrying commercial motor vehicles.

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.

Stop the onslaught of annoying robocalls
Consumer Action signed on to support public testimony to the U.S. House of Representative's Subcommittee On Communications and Technology regarding potential legislative solutions to the rampant problem of illegal scam and spoofed robocalls.

Flawed HUD report lets Bank of America off the hook for possible lending violations
Consumer Action joined a group letter to the Department of Housing and Urban Development (HUD) to express serious concerns regarding a recent flawed report that incorrectly concluded that Bank of America complied with HUD rules prior to selling defaulted loans through its Distressed Asset Stabilization Program. The report relied on an inadequate sampling of loans, relied completely on Bank of America’s files, and did not include critical input from U.S. Federal Housing Administration (FHA) insured borrowers.

Personal data has potential to fuel discrimination
26 civil society organizations sent a letter to Congress calling on legislators to ensure that any federal privacy legislation addresses the discriminatory impacts of commercial data practices and protects people of color, women, religious minorities, members of the LGBTQ+ community, persons with disabilities, persons living on low income, immigrants, and other vulnerable populations.

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