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

SAFE Lending protects consumers from risky practices
In a letter to Rep. Suzanne Bonamici, Consumer Action joins other advocates in supporting the SAFE Lending Act of 2013. This legislation seeks to protect consumers from abusive practices in payday lending.

Curbing dangerous Wall Street practices
“The Wall Street Trading and Speculators Tax Act” calls for a tax of 0.03 percent on trades of stocks, bonds, futures, options, swaps, credit default swaps and other complex financial instruments.

Regulating creditor-paid broker compensation protects consumers from risky loans
There has been a long history of mortgage brokers putting borrowers into more expensive and riskier loans in order to earn larger creditor payments. Such practices were particularly pronounced in the lead-up to the financial crisis, but remain a concern even after passage of Dodd Frank. Consumer Action and advocates address the question of how the Consumer Financial Protection Bureau (CFPB) should apply the revised points-and-fees definition to creditor-paid broker compensation regarding Qualified Mortgages (QM).

Comments to the CFPB opposing proposed relaxation in remittance rules
The Consumer Financial Protection Bureau (“CFPB”) has proposed three reductions in consumer protections for remittance senders. The proposed changes seriously, and erroneously, undermines the critical new protections for international remittances required by Congress in 2010 as part of the Dodd Frank Act.

Priority legislation needed to avoid fiscal cliff
As the U.S. approaches the fiscal cliff, Consumer Action and more than 140 national organizations urged President Obama and Congress to work together to prioritize job creation, oppose benefit cuts to social services, and require corporations and wealthy individuals to pay their fair share.

Proposed Mortgage Servicing Rules fail to protect families
The Consumer Financial Protection Bureau (CFPB) has proposed important new mortgage servicing regulations that will set the rules for servicing going forward. Unfortunately, the proposed rules fail to fix problems and protect consumers.

Additional requirements for charitable hospitals needed
Consumer Action supports the IRS' new standards for hospitals regarding their written financial assistance policies and offers suggestions to ensure further transparency and disclosure.

The most vulnerable to be harmed by automatic budget cuts in 2013

Changes to S. 3468 give lobbyists more power

The ED should stop rampant for-profit college fraud

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