A Message from Consumer Action

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Coalition Efforts

Consumer Action is working on these important issues along with other organizations. If you would like to know more about these issues, please see "More Information" at the end of each article.
 

Postings

A push for regulatory leadership that is unimpeachably independent
Donald Trump ran on "draining the swamp" of corruption in Washington, DC. Yet, as president, he is working to install a revolving-door government run by representatives of the big businesses our government is supposed to be regulating. In a letter to the Democratic Senate leadership, coalition advocates remind senators that the need for public minded watchdogs has never been greater. The American people deserve voices on a diverse collection of independent agencies, including the Federal Trade Commission, Federal Communications Commission and Securities and Exchange Commission, that are independent of excessive corporate influence.

Advocates urge ED to remain tough on fraudulent colleges
Advocates working on behalf of consumers, students, civil rights, veterans and servicemembers penned a letter to Education Secretary Betsy Devos, urging her to continue implementing and enforcing critical Education Department accountability provisions designed to protect students and taxpayers from unmanageable student debt and waste, fraud and abuse in higher education. In particular, we oppose all actions to delay, weaken, or repeal the gainful employment, incentive compensation, or recent “borrower defense to repayment” and college accountability regulations.

US Postal Service advocates call for an end to CPI price cap
The Postal Regulatory Commission (PRC) is reviewing the effects of the current rate system, capped by the Consumer Price Index (CPI), to see how it impacts the Postal Service's ability to meet the objectives stated in the Postal Accountability and Enhancement Act. The coalition’s recommendations included eliminating the CPI cap, which places financial pressures on the Postal Service, putting the agency at risk. It holds back the necessary infrastructure changes, needed capital investments and the ability for the USPS to fix safety and health issues – such as replacing an outdated fleet of vehicles. It also strangles the USPS' ability to restore and protect good postal services.

The CFPB: A champion for student loan borrowers too
Since 2012, the Consumer Financial Protection Bureau (CFPB) has continually defended student loan borrowers against some of the biggest players in the for-profit college and student loan industries. While fraud and mismanagement issues run rampant in student lending, the CFPB has worked hard to protect veterans, students and their families against some of the biggest offenders, including Sallie Mae, Navient, Corinthian and Bridgepoint Education.

Mnuchin unfit to serve as Treasury Secretary--Senate should oppose nomination
88 advocacy groups signed a letter to the Senate voicing grave concerns about President Trump’s nominee for Treasury Secretary, former Goldman Sachs partner and OneWest Bank Chairman, Steve Mnuchin. Mnuchin, known as “The Foreclosure King,” oversaw the eviction of nearly 50,000 families from their homes during the foreclosure crisis. The bank’s aggressive foreclosure practices targeted the country’s vulnerable populations—particularly the elderly  and widowed. By approving his nomination, the Senate is putting its stamp of approval on his alarming record and choosing to rig the rules for the wealthy rather than protect American families.

Hands off the CFPB!
Advocates penned a very clear response to Delaware’s Senator Tom Carper’s stated interest in exploring changes to Consumer Financial Protection Bureau’s (CFPB) structure: “Back off!” The CFPB has been wildly successful at protecting American consumers and weakening the agency’s oversight would be a grave mistake. The only reason to do so would be to favor the banking and financial industries that jeopardized the world economy and devastated American families less than a decade ago.

The 'Foreclosure King' is an unfit choice to run the U.S. Treasury
President-Elect Trump’s nominee for the U.S. Treasury Secretary, Steven Mnuchin, is unfit to serve in one of government’s most important positions. Mnuchin, a former Goldman Sachs partner and hedge fund operator who has never held public office before, earned the nickname the “Foreclusre King” due to unethical practices he oversaw during the housing crisis while owner of OneWest Bank. Over the past decade, this country has seen the disastrous economic results of policies that permit the wealthiest and most powerful institutions and individuals in our society to engage in predatory financial practices that devastate ordinary American families. Government cannot afford to cater to the wealthiest special interests and the Senate should oppose a nominee with Mnuchin’s record.

Innovation should not come at the expense of consumer protection
More than 250 groups sent a letter today to Comptroller of the Currency Thomas J. Curry urging him not to grant national charters to financial technology firms, which could pre-empt state oversight and state consumer protection laws that protect consumers and small businesses from abusive financial practices. The letter sends a strong message to the Office of the Comptroller of the Currency about the risk it creates to state-level protections against predatory lending.

Five senators should recuse themselves from confirming Education nominee
Five U.S. senators on the Health, Education, Labor and Pensions (HELP) committee received hundreds of thousands of dollars in political contributions from President-elect Trump’s nominee for Sec. of Education, Betsy DeVos. As a body entrusted with vetting this nominee and examining her views on public policy, the Senate must uphold the strongest ethical standards throughout the nomination process. These generous contributions present an egregious conflict of interest and we demand these recipients recuse themselves from voting on her confirmation as U.S. Secretary of Education.

Preventing FinTech from avoiding regulation and preying on consumers
In a letter to the Office of the Comptroller of the Currency, Consumer Action joined consumer, civil rights, small business, and other community organizations to express strong opposition to new federal nonbank lending charters that would enable financial technology companies (also known as “fintech”) to avoid state consumer protection laws and state oversight, putting consumers and small businesses at risk.

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