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

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.

Payday loans often result in destructive cycle
Provisions are needed to address a central problem with payday lending: lenders’ failure to verify the borrower’s ability to repay the loan, and meet other expenses, without reborrowing, leading to a destructive cycle of repeat loans.

Consumers unfairly tarnished by medical bills
Consumer Action supports the Medical Debt Responsibility Act of 2013, which requires credit agencies to remove fully paid or settled medical debt from consumers' credit reports within 45 days.

Protecting investors from surrendering their rights
Investors continue to be harmed by one-sided clauses in contracts that force individuals to surrender their rights and resolve disputes with brokerage firms in arbitration. The SEC has the power to change that.

Protecting students from predatory school loans
Consumer Action and coalition organizations respond to the Consumer Financial Protection Bureau’s (CFPB) request for information regarding an initiative to promote student loan affordability. The CFPB should be aggressive and creative in seeking solutions for these borrowers that satisfy five essential criteria needed to protect students.

Payday loans are dangerous for consumers
Banks pitch payday loans as short-term borrowing that allows their customers to deal with a financial emergency, repay the loan, and move on. In fact, CRL's research shows that their triple-digit interest rate loans trap borrowers in a long-term cycle of repeat loans.

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