Postings

The next COVID-19 relief package should include these critical consumer protections
Millions of people and small businesses in the United States are experiencing tremendous financial distress because of the COVID-19 pandemic. Unemployment is skyrocketing and families are struggling to put food on the table. Congress and the administration need to enact broad-based, efficient, and effective relief that goes far beyond the CARES Act to protect people’s homes, cars, bank accounts, income, and benefits so that they can weather this crisis. Consumer Action joined nearly 100 consumer, civil rights, community and other public interest groups weigh in on recommendations for Congress' next stimulus package.

Stop the debt trap by implementing stronger regulations on rent-to-own stores
With limited or no access to credit and savings, low-income consumers often turn to rent-to-own (RTO) stores for big-ticket items like appliances. RTO stores notoriously charge customers two-to-three times more than traditional stores for the same items, leading to more purchase defaults, capturing the consumer in a debt trap. Coalition members joined together in urging the Federal Trade Commission to do more to protect low-income communities from the predatory practices utilized by the $8.2 billion a year RTO industry.

Congress: Pass a clean budget for FY2021
Advocates called on Congress to pass an upcoming federal budget that funds the things that Americans care about, not undo essential consumer and environmental safeguards through policy riders. Policy riders are attached to legislation and rarely have anything to do with the bill. In fact, most riders are handouts to big corporations and special favors for interest groups that could not become law on their own merits. As Congress prepares the federal budget for fiscal year 2021, no appropriations titles, package of bills, or continuing resolutions should pass if they contain poison pill policy riders that go against the public interest, including policies that ensure safe and healthy food, restrain Wall Street abuses, provide access to justice and fair housing, and guarantee access to safe healthcare.

Stop banks from helping predatory payday lenders evade state regulations
More than five dozen public interest groups expressed deep concern about “rent-a-bank schemes” in letters to federal banking agencies, explaining that several nonbank consumer payday lenders have set their sights on using partnerships with banks to evade newly enacted interest rate restrictions in California.

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