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

Once again, Trump favors for-profit college industry over defrauded students
The Trump Administration’s decision to delay and dismantle key student and taxpayer protections against fraudulent for-profit schools is terrible news for struggling student borrowers and a boon for the for-profit college industry. Student, consumer, and veterans' organizations wrote to the Department of Education denouncing its decision to delay and weaken the borrower defense and gainful employment regulations because they protect both students and taxpayers from waste, fraud, and abuse.

The CFPB champions consumers over Wall Street once again!
The Consumer Financial Protection Bureau (CFPB) finalized a rule to prohibit banks and lenders that break the law from stripping customers of the right to join together and hold them accountable in class action lawsuits. Without the CFPB arbitration rule, bad actors like Wells Fargo will continue to pocket billions in stolen money and, in fact, gain a competitive edge in the marketplace by harming consumers.

No room for ideological riders in our nation’s budget
Earlier this year, hundreds of riders – most of them special favors for big corporations and ideological extremists – were proposed as a part of the FY17 omnibus process. The Clean Budget Coalition and its allies in Congress blocked most of them. Now, with the FY18 budget process getting underway, some members of Congress once again are insisting on including riders. The coalition maintains that these measures, which have nothing to do with funding our government, have no place in the appropriations process.

The CHOICE Act is WRONG for Americans and the economy
A bill being considered by the House, the Financial CHOICE Act, or more-aptly called “WRONG CHOICE Act” (H.R. 10) would eviscerate post Great Recession safeguards, including most of the Dodd-Frank Wall Street Reform and Consumer Protection Act, putting the U.S. economy and taxpayers in the same perilous position as prior to the financial crisis.

Will alt data sources help the credit invisible? It depends.
As the Consumer Financial Protection Bureau (CFPB) takes a closer look at alternative data and the impact it has on those who are deemed “credit thin” or “credit invisible,” consumer advocates submit their own recommendations on the matter. While it’s true that credit invisibility poses a real problem for many, a lack of credit history could be better than negative credit history. Whether the use of alternative data in calculating credit scores is likely to help or hinder one’s access to credit will depend on the information being used, the consumer’s ability to consent to its use, and the way that creditors interpret and apply the data.

Regulatory Accountability Act (RAA) would hurt consumers
Advocates penned a letter to the Senate urging legislators to oppose the Regulatory Accountability Act (RAA) — which should be called the “Regulatory Paralysis Act.” This bill aims to cripple the process for issuing and enforcing regulations that ensure Americans have clean air and water, healthy food and consumer products, fair wages, safe workplaces and many key financial protections.

DASH for the STASH: Learn investment skills, enter to win cash
The 2017 DASH for the STASH investment education program runs April 1-Oct. 31, 2017. Consumer Action is promoting the program to our network of community-based organizations. DASH for the STASH is a partnership between the Investor Protection Institute (IPI) and participating state securities offices.

The Choice Act 2.0 is the WRONG choice for consumers
Advocates are urging Congress to oppose the so-called Financial Choice Act 2.0, that aims to repeal parts and eviscerate parts of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, including the centerpiece Consumer Financial Protection Bureau. The (Wrong) Choice Act would grind the CFPB to a halt by turning it into a gridlocked Commission, and eliminate its independent funding. This irresponsible assault takes all the worst ideas and combines them into one toxic package.

Advocates call on states to fill void left by Dept. of Education
Consumer Action joins a coalition of labor, civil rights and consumer organizations is urging state regulators and law enforcement agencies to step up their oversight of student loan servicers following Education Secretary Betsy DeVos’ decision to rescind Obama-era policies that were aimed at protecting borrowers.

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.

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