A Message from Consumer Action

Consumer Action's MoneyWi$e educational materials have moved to our Managing Money Project website. Here you may view, download and order bulk copies of the MoneyWi$e materials. Please make a note of the Managing Money Project address— www.managing-money.org —and add it to your address book.

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

Better records needed for banks selling consumer debt
Unlawful debt buyer practices have caused great harm to Americans and present significant risks for banks' reputations. In a letter to the Office of the Comptroller of the Currency (OCC), Consumer Action and coalition advocates address many of the problems seen with respect to debt collection by debt buyers, and detail the harmful impact on lower-income people and communities.

Consumers suffer when their accounts are debited improperly
Millions of unauthorized payments are processed each year and that amount is increasing. Consumer Action pushes for stronger measures to stop illegal payments from being taken out of consumers’ bank accounts.

Remote checks debit consumer accounts without consent
One way to improve the U.S. Payment System is to ban remotely created checks.

Wealthy Wall Street organizations allowed to skip reporting requirements
HR 1105 plans to make some of the riskiest entities on Wall Street exempt from the “Small Business Capital Access and Job Preservation Act.” Under the bill private equity fund advisors are allowed to skip basic requirements that protect investors and the public, and its broad definition could be applied to a number of other financial institutions.

Know Before You Owe to help students get on the path to success
The Know Before You Owe Act would help students and families better understand their borrowing options so that they find the most affordable ways to finance their education.

Cuts to CFPB would act as setback to consumers
A package of bills designed to gut the Consumer Financial Protection Bureau are scheduled for markup as soon as Wednesday, 20 November in the House Financial Services Committee.

Utility records may put low-income consumers at a disadvantage
Consumer advocates express concerns over full file utility credit reporting as a means to deem consumers as "credit worthy."

Protecting ordinary investors from Big Business
Praise for Rep. Ellison Bill to end mandatory arbitration in investor disputes with brokers and advisors.

Stop holding Californians hostage at the pump
Consumer Action supports CA SB 448, which empowers the California Energy Commission to investigate and prevent fuel price manipulation. This bill is aimed at protecting California consumers who have, for too long, been at the mercy of a few major oil companies that control nearly all of the transportation fuel market.

Students should know before they owe
If Congress and the Administration fail to act by July 1, 2013, the interest rate on new federal Stafford subsidized loans will double from 3.4% to 6.8%. Consumer Action and coalition advocates are concerned that the doubling of interest rates during a period of record-low market interest rates will lead to a significant increase in students mistakenly turning to costly and risky private loans to pay for higher education.

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