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

Equifax data breach demonstrates the need for stronger cybersecurity regulation
As the Federal Trade Commission proposes amendments to its Safeguards Rule, consumer and privacy advocates urge for stronger data privacy regulations regarding nationwide consumer reporting agencies, including Equifax, Experian and TransUnion, and other high-risk sectors, including tax preparers and financial technology firms.

New College Affordability Coalition releases new principles for the Higher Education Act
As Congress plans to reauthorize the Higher Education Act (HEA), a new coalition has formed to advocate for needed federal investments and protections in order to promote more equitable outcomes within our higher education system.

DeVos clears the way for more fraudulent schools at taxpayers' expense
The Trump administration proposed an overhaul of federal standards for college accreditors, arguing that the current rules stifle innovation. Advocates are warning that the proposed changes weaken existing oversight and give low-performing schools even more leeway to defraud students and taxpayers.

Overhauling the nation’s broken credit reporting system
Democratic members of the Financial Services Committee are calling upon Congress to enact legislation to reform the credit reporting system, enhance consumers’ credit reporting rights, create more transparency over the consumer reporting and credit scoring process, and increase the accountability of those who develop credit scoring models.

Don’t water down banks’ overdraft opt-in rule
For many banks, overdraft fees are a huge source of income, despite regulations that sought to restrict banks from charging them unless customers opted into overdraft protection coverage. Now the CFPB is reviewing the overdraft rule and asking for input. Advocates warn that relaxing the rule could be detrimental to consumers and their bank accounts.

Robocall madness: It’s time to stop the scams and abuse
In a letter to the ranking members of the Subcommittee on Communications and Technology and Committee on Energy and Commerce, advocates announced their support of the bipartisan Stopping Bad Robocalls Act (H.R. 3375). They urged legislators to support the bill without amendments in order to stop the abuse all Americans endure through robocall violations.

New Jersey steps up to protect investors from predatory products and advice
New Jersey’s Bureau of Securities announced a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers. Advocates greatly appreciate states such as New Jersey that are willing to step in to fill the regulatory void by providing the protections investors need and expect. New Jersey is one of several states, including Nevada and Massachusetts, seeking to set their own investment advice standards.

California to lead the effort to protect student loan borrowers
AB 376, the Student Borrower Bill of Rights, would make California the first state in the nation to create a comprehensive set of rights for people holding student debt by requiring student loan companies to treat borrowers fairly and giving borrowers the right to hold these companies accountable when they fail to meet basic servicing standards.

ED’s staffing shortage creates problems for struggling borrowers
A coalition of legal aid, civil rights, consumer advocacy, public interest, and veterans organizations wrote to Secretary DeVos to demand that the U.S. Department of Education take immediate steps to address the ongoing, unprecedented, and system-wide problems and delays currently plaguing its default servicing system.The disruptions could delay struggling borrowers from getting back on track with their student loans through loan rehabilitation.

Arbitration in America hurts consumers
In advance of the Senate Judiciary Committee hearing entitled “Arbitration in America,” advocates warn that arbitration is a rigged system that has left little recourse for wronged employees and consumers.

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